AxoGen (NASDAQ:AXGN) Trading 8% Higher – Time to Buy?

AxoGen, Inc. (NASDAQ:AXGN)’s stock price traded up 8% during trading on Wednesday . The stock traded as high as $33.24 and last traded at $33.5490. Approximately 180,913 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 603,480 shares. The stock had previously closed at $31.05.

Analysts Set New Price Targets

AXGN has been the topic of a number of recent analyst reports. Mizuho started coverage on shares of AxoGen in a research note on Monday, December 1st. They issued an “outperform” rating and a $40.00 price objective on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of AxoGen in a research note on Monday, December 29th. HC Wainwright boosted their price target on AxoGen from $26.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Jefferies Financial Group raised their price objective on AxoGen from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Finally, Raymond James Financial reissued an “outperform” rating and set a $36.00 target price on shares of AxoGen in a research note on Thursday, December 4th. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, AxoGen has a consensus rating of “Moderate Buy” and an average target price of $35.56.

AxoGen Stock Performance

The company has a market cap of $1.54 billion, a price-to-earnings ratio of -667.40 and a beta of 1.00. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.64 and a current ratio of 4.09. The company has a fifty day moving average of $28.79 and a two-hundred day moving average of $19.76.

AxoGen (NASDAQ:AXGN) last announced its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. AxoGen had a negative return on equity of 1.90% and a negative net margin of 0.98%.The firm had revenue of $60.08 million for the quarter, compared to analyst estimates of $56.90 million. Equities research analysts anticipate that AxoGen, Inc. will post -0.29 EPS for the current year.

Insider Activity

In other AxoGen news, Director Amy Mcbride Wendell sold 43,684 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $29.31, for a total value of $1,280,378.04. Following the completion of the transaction, the director directly owned 93,826 shares in the company, valued at approximately $2,750,040.06. This represents a 31.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marc A. Began sold 9,278 shares of the business’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $31.21, for a total transaction of $289,566.38. Following the completion of the sale, the executive vice president directly owned 31,507 shares in the company, valued at approximately $983,333.47. This represents a 22.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 401,216 shares of company stock worth $11,398,034. Company insiders own 2.78% of the company’s stock.

Hedge Funds Weigh In On AxoGen

Hedge funds have recently made changes to their positions in the stock. First Light Asset Management LLC boosted its holdings in AxoGen by 28.2% in the third quarter. First Light Asset Management LLC now owns 5,805,730 shares of the medical equipment provider’s stock valued at $103,574,000 after acquiring an additional 1,276,487 shares during the last quarter. Balyasny Asset Management L.P. lifted its position in shares of AxoGen by 183.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider’s stock worth $20,953,000 after purchasing an additional 1,250,968 shares during the period. Bessemer Group Inc. bought a new stake in shares of AxoGen in the 3rd quarter valued at $14,468,000. Wasatch Advisors LP increased its position in shares of AxoGen by 85.1% during the second quarter. Wasatch Advisors LP now owns 1,433,782 shares of the medical equipment provider’s stock worth $15,557,000 after buying an additional 659,149 shares during the period. Finally, Brown Capital Management LLC bought a new position in AxoGen during the third quarter worth $11,500,000. 80.29% of the stock is currently owned by institutional investors.

About AxoGen

AxoGen, Inc is a Florida-based medical technology company that develops and commercializes surgical solutions for peripheral nerve damage. Founded in 2002 and headquartered in Alachua, Florida, the company focuses on restoring nerve function and improving patient outcomes through innovative biologic and engineered products. AxoGen’s offerings address a range of traumatic and iatrogenic injuries, offering alternatives to traditional nerve autografts.

The company’s core product portfolio includes the Avance® Nerve Graft, a decellularized human nerve allograft designed to bridge nerve gaps without the need for a secondary harvest site, and the Axoguard® Nerve Connector and Protector devices, which facilitate nerve coaptation and protect repaired sites from surrounding scar tissue.