Canaccord Genuity Group Cuts AxoGen (NASDAQ:AXGN) Price Target to $24.00

AxoGen (NASDAQ:AXGN) had its target price decreased by Canaccord Genuity Group from $26.00 to $24.00 in a research note published on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical equipment provider’s stock.

A number of other equities research analysts have also recently issued reports on the company. Lake Street Capital began coverage on AxoGen in a research note on Monday, March 17th. They issued a “buy” rating and a $30.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $24.00 target price on shares of AxoGen in a research note on Wednesday, March 5th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $22.20.

AxoGen Stock Performance

AXGN stock opened at $11.78 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.47 and a current ratio of 3.74. The stock has a market capitalization of $536.40 million, a price-to-earnings ratio of -36.81 and a beta of 1.19. AxoGen has a 1 year low of $5.74 and a 1 year high of $21.00. The stock’s fifty day moving average is $16.24 and its two-hundred day moving average is $16.24.

Insider Activity

In related news, insider Erick Wayne Devinney sold 15,111 shares of AxoGen stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $17.50, for a total transaction of $264,442.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Mcbride Wendell sold 5,000 shares of AxoGen stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $20.02, for a total value of $100,100.00. Following the transaction, the director now directly owns 97,899 shares in the company, valued at approximately $1,959,937.98. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Divisadero Street Capital Management LP grew its holdings in AxoGen by 2.7% during the fourth quarter. Divisadero Street Capital Management LP now owns 26,972 shares of the medical equipment provider’s stock worth $444,000 after acquiring an additional 700 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in AxoGen by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,128 shares of the medical equipment provider’s stock worth $398,000 after acquiring an additional 926 shares during the period. Principal Financial Group Inc. grew its holdings in AxoGen by 8.3% during the fourth quarter. Principal Financial Group Inc. now owns 16,000 shares of the medical equipment provider’s stock worth $264,000 after acquiring an additional 1,228 shares during the period. Hsbc Holdings PLC grew its holdings in AxoGen by 6.5% during the first quarter. Hsbc Holdings PLC now owns 24,174 shares of the medical equipment provider’s stock worth $432,000 after acquiring an additional 1,468 shares during the period. Finally, Rhumbline Advisers grew its holdings in AxoGen by 2.7% during the fourth quarter. Rhumbline Advisers now owns 58,232 shares of the medical equipment provider’s stock worth $960,000 after acquiring an additional 1,521 shares during the period. 80.29% of the stock is owned by institutional investors and hedge funds.

About AxoGen

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.