AxoGen (NASDAQ:AXGN) Earns “Buy” Rating from Canaccord Genuity Group
by Kim Johansen · The Markets DailyAxoGen (NASDAQ:AXGN – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They currently have a $40.00 price target on the medical equipment provider’s stock. Canaccord Genuity Group’s price target points to a potential upside of 28.76% from the stock’s previous close.
A number of other research analysts have also weighed in on the company. Wall Street Zen lowered AxoGen from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 28th. Citizens Jmp increased their price target on shares of AxoGen from $34.00 to $42.00 and gave the stock a “market outperform” rating in a report on Tuesday, February 24th. Lake Street Capital raised their price target on shares of AxoGen from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, December 4th. Mizuho assumed coverage on shares of AxoGen in a research note on Monday, December 1st. They set an “outperform” rating and a $40.00 price objective for the company. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $41.00 price objective on shares of AxoGen in a report on Monday, February 23rd. Nine 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.75.
Get Our Latest Analysis on AXGN
AxoGen Stock Performance
Shares of AXGN traded down $0.22 during trading hours on Monday, reaching $31.07. 210,451 shares of the company traded hands, compared to its average volume of 967,541. The stock has a market capitalization of $1.61 billion, a P/E ratio of -91.38 and a beta of 0.98. The company has a quick ratio of 3.31, a current ratio of 5.11 and a debt-to-equity ratio of 0.51. AxoGen has a 12-month low of $9.22 and a 12-month high of $36.00. The business has a fifty day moving average price of $32.68 and a 200-day moving average price of $27.39.
AxoGen (NASDAQ:AXGN – Get Free Report) last issued its earnings results on Tuesday, February 24th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). AxoGen had a negative return on equity of 13.44% and a negative net margin of 6.97%.The firm had revenue of $59.90 million during the quarter, compared to analysts’ expectations of $59.90 million. Equities analysts anticipate that AxoGen will post -0.29 EPS for the current fiscal year.
Insider Activity at AxoGen
In other news, insider Erick Wayne Devinney sold 5,221 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $32.84, for a total transaction of $171,457.64. Following the transaction, the insider owned 262,781 shares in the company, valued at $8,629,728.04. This trade represents a 1.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.78% of the stock is owned by company insiders.
Institutional Trading of AxoGen
Institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its stake in AxoGen by 1.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,473 shares of the medical equipment provider’s stock valued at $703,000 after acquiring an additional 371 shares in the last quarter. Arax Advisory Partners lifted its stake in AxoGen by 362.4% in the 4th quarter. Arax Advisory Partners now owns 1,045 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 819 shares in the last quarter. Brooklyn Investment Group lifted its stake in AxoGen by 4.2% in the 4th quarter. Brooklyn Investment Group now owns 20,568 shares of the medical equipment provider’s stock worth $688,000 after purchasing an additional 823 shares in the last quarter. MCF Advisors LLC acquired a new position in shares of AxoGen during the 4th quarter worth approximately $30,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of AxoGen by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,185 shares of the medical equipment provider’s stock valued at $466,000 after purchasing an additional 1,057 shares in the last quarter. Institutional investors and hedge funds own 80.29% of the company’s stock.
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.