AxoGen, Inc. (AXGN) Expected to Announce Quarterly Sales of $16.09 Million
Wall Street brokerages expect that AxoGen, Inc. (NASDAQ:AXGN) will report $16.09 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for AxoGen’s earnings. The lowest sales estimate is $15.70 million and the highest is $16.50 million. AxoGen reported sales of $11.41 million in the same quarter last year, which indicates a positive year over year growth rate of 41%. The business is expected to report its next earnings report after the market closes on Wednesday, February 28th.
According to Zacks, analysts expect that AxoGen will report full year sales of $16.09 million for the current year, with estimates ranging from $59.20 million to $60.00 million. For the next financial year, analysts forecast that the business will post sales of $83.63 million per share, with estimates ranging from $83.22 million to $84.20 million. Zacks’ sales averages are an average based on a survey of analysts that follow AxoGen.
AXGN has been the topic of several research reports. Leerink Swann increased their price target on shares of AxoGen from $23.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, November 2nd. Wedbush reiterated a “buy” rating and issued a $27.00 price target (up from $22.00) on shares of AxoGen in a research report on Tuesday, November 21st. Lake Street Capital increased their price target on shares of AxoGen from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, November 21st. Jefferies Group started coverage on shares of AxoGen in a research report on Thursday, November 30th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of AxoGen in a research note on Friday, January 5th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. AxoGen has a consensus rating of “Buy” and a consensus target price of $29.33.
In related news, Director Jamie Mark Grooms sold 84,295 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $26.38, for a total transaction of $2,223,702.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Guido J. Neels sold 1,150,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $19.74, for a total transaction of $22,701,000.00. The disclosure for this sale can be found here. Insiders have sold 1,293,990 shares of company stock worth $26,494,898 in the last three months. Insiders own 9.33% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN lifted its stake in shares of AxoGen by 1,148.4% during the fourth quarter. Wells Fargo & Company MN now owns 432,516 shares of the medical equipment provider’s stock valued at $12,240,000 after buying an additional 397,870 shares during the period. Catalyst Capital Advisors LLC raised its stake in AxoGen by 15.7% during the fourth quarter. Catalyst Capital Advisors LLC now owns 35,300 shares of the medical equipment provider’s stock worth $999,000 after purchasing an additional 4,800 shares during the period. Swiss National Bank purchased a new position in AxoGen during the fourth quarter worth approximately $1,367,000. Teacher Retirement System of Texas purchased a new position in AxoGen during the fourth quarter worth approximately $271,000. Finally, Essex Investment Management Co. LLC raised its stake in AxoGen by 3.9% during the fourth quarter. Essex Investment Management Co. LLC now owns 202,636 shares of the medical equipment provider’s stock worth $5,735,000 after purchasing an additional 7,622 shares during the period. 65.94% of the stock is currently owned by institutional investors and hedge funds.
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AxoGen, Inc provides surgical solutions for peripheral nerve injuries. The companys surgical nerve repair solutions include Avance Nerve Graft, an 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 nerves; and AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect injured peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments.
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