AxoGen (NASDAQ:AXGN) Upgraded by Canaccord Genuity Group to “Buy”

AxoGen (NASDAQ:AXGNGet Rating) was upgraded by equities researchers at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Monday, FinViz reports. The firm presently has a $15.00 target price on the medical equipment provider’s stock, up from their prior target price of $10.00. Canaccord Genuity Group’s price objective would suggest a potential upside of 64.84% from the stock’s current price.

AXGN has been the topic of several other research reports. Canaccord Genuity Group lowered their price objective on AxoGen from $15.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, February 23rd. StockNews.com assumed coverage on AxoGen in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, AxoGen has an average rating of “Buy” and a consensus price target of $19.60.

NASDAQ:AXGN traded up $0.07 during trading hours on Monday, reaching $9.10. 4,202 shares of the stock were exchanged, compared to its average volume of 345,276. AxoGen has a twelve month low of $6.87 and a twelve month high of $23.94. The company has a debt-to-equity ratio of 0.58, a current ratio of 5.23 and a quick ratio of 4.54. The firm has a 50 day moving average of $8.07 and a 200 day moving average of $9.37. The stock has a market cap of $381.99 million, a PE ratio of -11.97 and a beta of 0.75.

AxoGen (NASDAQ:AXGNGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The medical equipment provider reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.05). AxoGen had a negative net margin of 24.98% and a negative return on equity of 25.97%. During the same period last year, the company posted ($0.15) earnings per share. Equities research analysts anticipate that AxoGen will post -0.72 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in AXGN. Bank of America Corp DE boosted its stake in AxoGen by 53.0% in the fourth quarter. Bank of America Corp DE now owns 1,542,707 shares of the medical equipment provider’s stock valued at $14,455,000 after buying an additional 534,086 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of AxoGen by 30.7% during the fourth quarter. William Blair Investment Management LLC now owns 1,593,287 shares of the medical equipment provider’s stock valued at $14,929,000 after purchasing an additional 374,221 shares in the last quarter. DAFNA Capital Management LLC acquired a new stake in shares of AxoGen during the fourth quarter valued at about $3,112,000. Granite Investment Partners LLC boosted its stake in shares of AxoGen by 72.2% during the fourth quarter. Granite Investment Partners LLC now owns 474,355 shares of the medical equipment provider’s stock valued at $4,445,000 after purchasing an additional 198,869 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of AxoGen during the fourth quarter valued at about $1,781,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

About AxoGen (Get Rating)

AxoGen, Inc, together with its subsidiaries, develops and markets surgical solutions for physical damage or transection to peripheral nerves. The company's products include Avance Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site; AxoGuard Nerve Connector, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed peripheral nerves; and AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect damaged peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments.

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