AxoGen (NASDAQ:AXGN) Sets New 52-Week High – Here’s Why

AxoGen, Inc. (NASDAQ:AXGN) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $50.19 and last traded at $50.0780, with a volume of 43228 shares trading hands. The stock had previously closed at $49.15.

Analyst Ratings Changes

A number of analysts have recently commented on AXGN shares. Jefferies Financial Group reissued a “buy” rating and issued a $55.00 price objective on shares of AxoGen in a research report on Wednesday, July 29th. Wall Street Zen upgraded AxoGen from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Raymond James Financial restated an “outperform” rating and set a $48.00 price objective on shares of AxoGen in a report on Wednesday, April 29th. HC Wainwright raised their price target on shares of AxoGen from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Citizens Jmp lifted their price objective on AxoGen from $50.00 to $55.00 and gave the company a “market outperform” rating in a report on Thursday, July 30th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

AxoGen Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. The company has a fifty day moving average of $43.58 and a 200 day moving average of $38.58. The firm has a market capitalization of $2.67 billion, a P/E ratio of -73.06 and a beta of 1.11.

AxoGen (NASDAQ:AXGN) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.12. AxoGen had a negative net margin of 13.36% and a negative return on equity of 8.90%. The business had revenue of $69.73 million for the quarter, compared to analyst estimates of $67.10 million. Sell-side analysts predict that AxoGen, Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In related news, Director Kathy Johnson Weiler sold 14,150 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $45.30, for a total transaction of $640,995.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marc A. Began sold 67,500 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $47.34, for a total transaction of $3,195,450.00. Following the transaction, the executive vice president owned 50,135 shares in the company, valued at $2,373,390.90. This represents a 57.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 95,003 shares of company stock worth $4,482,997 in the last quarter. 2.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AxoGen

Several large investors have recently added to or reduced their stakes in AXGN. BlackRock Inc. bought a new position in shares of AxoGen in the second quarter valued at approximately $204,123,000. Balyasny Asset Management L.P. boosted its holdings in shares of 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 buying an additional 1,250,968 shares during the last quarter. Wasatch Advisors LP boosted its stake in AxoGen by 101.1% in the first quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider’s stock valued at $61,534,000 after acquiring an additional 933,778 shares during the last quarter. Millennium Management LLC grew its holdings in AxoGen by 2,255.8% during the fourth quarter. Millennium Management LLC now owns 971,358 shares of the medical equipment provider’s stock valued at $31,793,000 after purchasing an additional 930,126 shares during the period. Finally, Next Century Growth Investors LLC bought a new position in shares of AxoGen during the 4th quarter worth $26,180,000. 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.