AxoGen (NASDAQ:AXGN) Shares Cross Above 200-Day Moving Average – Here’s What Happened

AxoGen, Inc. (NASDAQ:AXGN) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.96 and traded as high as $34.19. AxoGen shares last traded at $33.23, with a volume of 562,500 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Canaccord Genuity Group increased their price target on AxoGen from $27.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Wall Street Zen upgraded shares of AxoGen from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 23rd. 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. Lake Street Capital boosted their price objective on AxoGen from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of AxoGen in a research note on Monday, December 29th. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.75.

AxoGen Stock Performance

The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -692.80 and a beta of 1.00. The firm’s 50-day moving average price is $32.61 and its two-hundred day moving average price is $24.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.64 and a current ratio of 4.09.

Insiders Place Their Bets

In other AxoGen news, Director Joseph A. Tyndall sold 25,108 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $30.98, for a total value of $777,845.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael D. Dale sold 61,463 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $31.21, for a total transaction of $1,918,260.23. Following the transaction, the chief executive officer directly owned 88,537 shares of the company’s stock, valued at $2,763,239.77. The trade was a 40.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 301,680 shares of company stock worth $9,174,052. Corporate insiders own 2.78% of the company’s stock.

Institutional Trading of AxoGen

Institutional investors and hedge funds have recently bought and sold shares of the business. First Light Asset Management LLC boosted its stake in shares of 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 purchasing an additional 1,276,487 shares during the period. Balyasny Asset Management L.P. lifted its holdings in AxoGen by 183.9% during 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 buying an additional 1,250,968 shares in the last quarter. Bessemer Group Inc. purchased a new position in AxoGen in the 3rd quarter valued at approximately $14,468,000. Next Century Growth Investors LLC acquired a new position in shares of AxoGen in the fourth quarter worth $26,180,000. Finally, 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 acquiring an additional 659,149 shares during the period. 80.29% of the stock is currently owned by hedge funds and other institutional investors.

AxoGen Company Profile

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.