AxoGen’s (AXGN) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of AxoGen (NASDAQ:AXGN) in a research note issued to investors on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a $40.00 price objective on the medical equipment provider’s stock.

Several other analysts have also issued reports on the stock. HC Wainwright boosted their price target on shares of AxoGen from $26.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Mizuho initiated coverage on shares of AxoGen in a report on Monday, December 1st. They set an “outperform” rating and a $40.00 target price on the stock. Raymond James Financial restated an “outperform” rating and set a $41.00 target price on shares of AxoGen in a research report on Monday, February 23rd. Lake Street Capital raised their price target on AxoGen from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Finally, Citigroup reiterated an “outperform” rating on shares of AxoGen in a research report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $39.75.

AxoGen Stock Performance

Shares of AXGN opened at $31.32 on Monday. AxoGen has a 1 year low of $9.22 and a 1 year high of $36.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 5.11 and a quick ratio of 3.31. The stock’s fifty day moving average price is $32.69 and its two-hundred day moving average price is $27.49. The firm has a market cap of $1.63 billion, a PE ratio of -92.11 and a beta of 0.98.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings results on Tuesday, February 24th. The medical equipment provider reported $0.07 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $59.90 million. On average, equities research analysts forecast that AxoGen will post -0.29 EPS for the current year.

Insiders Place Their Bets

In other AxoGen news, insider Erick Wayne Devinney sold 5,221 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $32.84, for a total value of $171,457.64. Following the sale, the insider directly owned 262,781 shares in the company, valued at $8,629,728.04. This represents a 1.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.78% of the company’s stock.

Institutional Investors Weigh In On AxoGen

Institutional investors and hedge funds have recently made changes to their positions in the business. First Light Asset Management LLC boosted its stake in AxoGen by 28.2% during 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 buying an additional 1,276,487 shares during the period. Balyasny Asset Management L.P. increased 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 worth $20,953,000 after acquiring an additional 1,250,968 shares during the last quarter. Millennium Management LLC raised its holdings in shares of AxoGen by 2,255.8% in the 4th quarter. Millennium Management LLC now owns 971,358 shares of the medical equipment provider’s stock valued at $31,793,000 after acquiring an additional 930,126 shares in the last quarter. Bessemer Group Inc. purchased a new stake in shares of AxoGen in the 3rd quarter valued at about $14,468,000. Finally, Next Century Growth Investors LLC bought a new stake in shares of AxoGen during the 4th quarter valued at about $26,180,000. Hedge funds and other institutional investors own 80.29% of the company’s stock.

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.