Millennium Management LLC Lowers Position in AxoGen, Inc. (NASDAQ:AXGN)

Millennium Management LLC cut its position in shares of AxoGen, Inc. (NASDAQ:AXGN) by 88.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 131,182 shares of the medical equipment provider’s stock after selling 960,710 shares during the quarter. Millennium Management LLC owned about 0.30% of AxoGen worth $2,162,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AXGN. SG Americas Securities LLC boosted its holdings in shares of AxoGen by 34.4% during the 4th quarter. SG Americas Securities LLC now owns 21,763 shares of the medical equipment provider’s stock valued at $359,000 after buying an additional 5,576 shares in the last quarter. R Squared Ltd bought a new position in shares of AxoGen during the fourth quarter valued at approximately $30,000. Calamos Advisors LLC purchased a new position in shares of AxoGen during the fourth quarter valued at approximately $523,000. Legato Capital Management LLC boosted its position in shares of AxoGen by 42.8% in the 4th quarter. Legato Capital Management LLC now owns 34,524 shares of the medical equipment provider’s stock worth $569,000 after purchasing an additional 10,344 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of AxoGen by 2.7% in the 4th quarter. Rhumbline Advisers now owns 58,232 shares of the medical equipment provider’s stock worth $960,000 after buying an additional 1,521 shares during the last quarter. 80.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AXGN. Canaccord Genuity Group lowered their price objective on AxoGen from $26.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Cantor Fitzgerald restated an “overweight” rating and set a $24.00 price target on shares of AxoGen in a report on Wednesday, March 5th. Finally, Lake Street Capital started coverage on shares of AxoGen in a research note on Monday, March 17th. They issued a “buy” rating and a $30.00 price target on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AxoGen has an average rating of “Buy” and a consensus target price of $22.20.

Insider Activity at AxoGen

In other AxoGen news, Director Joseph A. Tyndall sold 20,062 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $11.20, for a total value of $224,694.40. Following the transaction, the director now owns 15,345 shares of the company’s stock, valued at approximately $171,864. This represents a 56.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erick Wayne Devinney sold 15,111 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $17.50, for a total transaction of $264,442.50. Following the sale, the insider now directly owns 217,762 shares of the company’s stock, valued at $3,810,835. The trade was a 6.49% decrease in their position. The disclosure for this sale can be found here. 2.78% of the stock is owned by insiders.

AxoGen Stock Up 0.6%

AxoGen stock opened at $10.97 on Monday. AxoGen, Inc. has a 12 month low of $6.57 and a 12 month high of $21.00. The stock has a fifty day simple moving average of $14.80 and a two-hundred day simple moving average of $16.08. The company has a current ratio of 3.74, a quick ratio of 2.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $499.62 million, a price-to-earnings ratio of -34.28 and a beta of 1.19.

AxoGen Company Profile

AxoGen, Inc, together with its subsidiaries, develops and commercializes technologies for peripheral nerve regeneration and repair worldwide. The company’s products include Avance Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral 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; 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; and Axoguard HA+ Nerve Protector, a processed porcine submucosa ECM base layer with a hyaluronate-alginate gel coating designed to provide short- and long-term protection for peripheral nerve injuries.