AxoGen (NASDAQ:AXGN) Shares Down 6.5% – Here’s Why

by · The Markets Daily

AxoGen, Inc. (NASDAQ:AXGN – Get Free Report) dropped 6.5% during mid-day trading on Thursday . The stock traded as low as $42.23 and last traded at $44.18. 544,656 shares were traded during trading, a decline of 49% from the average session volume of 1,074,817 shares. The stock had previously closed at $47.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Canaccord Genuity Group lifted their price target on shares of AxoGen from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Zacks Research raised AxoGen from a “strong sell” rating to a “hold” rating in a research report on Friday, May 29th. HC Wainwright lifted their price target on shares of AxoGen from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Citigroup restated a “market outperform” rating on shares of AxoGen in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of AxoGen from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, AxoGen has a consensus rating of “Moderate Buy” and an average target price of $51.56.

Get Our Latest Analysis on AXGN

AxoGen Stock Down 9.3%

The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. The stock has a fifty day moving average price of $45.36 and a two-hundred day moving average price of $40.36. The company has a market cap of $2.30 billion, a P/E ratio of -62.33 and a beta of 1.16.

AxoGen (NASDAQ:AXGN – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate 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%. On average, research analysts expect that AxoGen, Inc. will post -0.45 EPS for the current year.

Insider Activity

In other news, Director Kathy Weiler sold 14,150 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $45.30, for a total value of $640,995.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joseph Tyndall sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $49.70, for a total transaction of $173,950.00. Following the transaction, the director directly owned 10,650 shares in the company, valued at $529,305. The trade was a 24.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 98,503 shares of company stock worth $4,656,947. 2.44% of the stock is owned by insiders.

Hedge Funds Weigh In On AxoGen

Several hedge funds have recently modified their holdings of AXGN. BlackRock Inc. purchased a new stake in shares of AxoGen during the second quarter valued at approximately $204,123,000. California State Teachers Retirement System boosted its position in AxoGen by 4,400.3% in the second quarter. California State Teachers Retirement System now owns 2,661,006 shares of the medical equipment provider’s stock worth $122,912,000 after purchasing an additional 2,601,877 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in 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 valued at $20,953,000 after purchasing an additional 1,250,968 shares during the period. Wasatch Advisors LP grew its stake in AxoGen by 101.1% in the 1st quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider’s stock valued at $61,534,000 after purchasing an additional 933,778 shares during the period. Finally, Millennium Management LLC increased its position in shares of AxoGen by 2,255.8% during the 4th quarter. Millennium Management LLC now owns 971,358 shares of the medical equipment provider’s stock valued at $31,793,000 after purchasing an additional 930,126 shares during the last quarter. Institutional investors own 80.29% of the company’s stock.

About AxoGen

(Get Free Report)

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.

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