Truist Financial Upgrades AxoGen (NASDAQ:AXGN) to “Strong-Buy”

AxoGen (NASDAQ:AXGN) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a report released on Thursday, Zacks reports.

A number of other research analysts also recently commented on the company. Morgan Stanley downgraded AxoGen to a “hold” rating in a report on Tuesday. Citizens Jmp upped their price target on AxoGen from $50.00 to $55.00 and gave the company a “market outperform” rating in a research report on Thursday, July 30th. Raymond James Financial raised their price objective on AxoGen from $48.00 to $53.00 and gave the stock an “outperform” rating in a research note on Friday, September 25th. Canaccord Genuity Group lifted their price objective on shares of AxoGen from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $55.00 target price on shares of AxoGen in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, AxoGen presently has an average rating of “Moderate Buy” and an average target price of $51.33.

AxoGen Stock Performance

Shares of AxoGen stock opened at $39.92 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 5.04 and a current ratio of 6.60. AxoGen has a 1 year low of $15.27 and a 1 year high of $52.91. The firm’s 50-day simple moving average is $45.98 and its 200-day simple moving average is $41.73. The firm has a market cap of $2.15 billion, a PE ratio of -58.71 and a beta of 1.17.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. The business had revenue of $69.73 million during the quarter, compared to the consensus estimate of $67.10 million. AxoGen had a negative return on equity of 8.90% and a negative net margin of 13.36%. Equities analysts forecast that AxoGen will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kathy Weiler sold 14,150 shares of AxoGen stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $45.30, for a total transaction of $640,995.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marc A. Began sold 67,500 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $47.34, for a total value of $3,195,450.00. Following the transaction, the executive vice president owned 50,135 shares of the company’s stock, valued at $2,373,390.90. This trade represents a 57.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,503 shares of company stock worth $4,656,947 in the last quarter. Company insiders own 2.44% of the company’s stock.

Institutional Investors Weigh In On AxoGen

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its stake in shares of AxoGen by 6.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,943 shares of the medical equipment provider’s stock worth $296,000 after buying an additional 525 shares during the last quarter. Nykredit A S bought a new stake in shares of AxoGen during the 2nd quarter worth about $30,000. MCF Advisors LLC acquired a new position in AxoGen in the 4th quarter valued at about $30,000. Arizona State Retirement System grew its stake in AxoGen by 7.6% in the 2nd quarter. Arizona State Retirement System now owns 13,604 shares of the medical equipment provider’s stock valued at $628,000 after buying an additional 966 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in AxoGen by 1.4% in the 1st quarter. Principal Financial Group Inc. now owns 89,745 shares of the medical equipment provider’s stock valued at $2,973,000 after acquiring an additional 1,210 shares during the period. 80.29% of the stock is currently owned by institutional investors.

About AxoGen

AxoGen, Inc is a medical technology company focused on repairing and regenerating damaged peripheral nerves. The company develops and commercializes products for use by surgeons treating traumatic nerve injuries and other conditions in which nerve function has been compromised.

AxoGen’s product portfolio includes Avance Nerve Graft, a processed human nerve allograft designed to bridge gaps in damaged nerves without requiring tissue to be taken from another part of the patient’s body. Its offerings also include Axoguard Nerve Connector and Axoguard Nerve Protector products, which are designed to support nerve repair and protect nerves during healing, as well as other products for peripheral nerve reconstruction.

Founded in 2002, AxoGen is headquartered in Alachua, Florida.