AxoGen (NASDAQ:AXGN) Now Covered by Analysts at Bank of America

Bank of America began coverage on shares of AxoGen (NASDAQ:AXGN) in a research report sent to investors on Monday, MarketBeat.com reports. The firm issued a buy rating and a $52.00 price objective on the medical equipment provider’s stock.

Other analysts have also issued reports about the stock. Citigroup reaffirmed a “market outperform” rating on shares of AxoGen in a research report on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of AxoGen in a research report on Wednesday, August 26th. Raymond James Financial lifted their price objective on shares of AxoGen from $48.00 to $53.00 and gave the company an “outperform” rating in a research report on Friday, September 25th. Lake Street Capital restated a “buy” rating on shares of AxoGen in a research note on Monday, October 5th. Finally, Wall Street Zen lowered shares of AxoGen from a “buy” rating to a “hold” rating in a research note on Saturday, September 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.73.

AxoGen Stock Performance

Shares of NASDAQ AXGN opened at $37.11 on Monday. The stock has a 50 day moving average price of $45.26 and a 200 day moving average price of $41.97. AxoGen has a 52 week low of $15.27 and a 52 week high of $52.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 5.04 and a current ratio of 6.60. The stock has a market capitalization of $2.00 billion, a PE ratio of -54.57 and a beta of 1.17.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.12. AxoGen had a negative return on equity of 8.90% and a negative net margin of 13.36%. The firm had revenue of $69.73 million during the quarter, compared to the consensus estimate of $67.10 million. Analysts predict that AxoGen will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kathy Weiler sold 14,150 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $45.30, for a total transaction of $640,995.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marc Began sold 67,500 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $47.34, for a total value of $3,195,450.00. Following the sale, the executive vice president directly owned 50,135 shares in the company, valued at approximately $2,373,390.90. This trade represents a 57.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 98,503 shares of company stock valued at $4,656,947. 2.44% of the stock is owned by insiders.

Institutional Investors Weigh In On AxoGen

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of AxoGen in the 2nd quarter valued at approximately $204,123,000. Wasatch Advisors LP lifted its holdings in shares of AxoGen by 101.1% during the 1st quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider’s stock worth $61,534,000 after acquiring an additional 933,778 shares during the period. Perceptive Advisors LLC bought a new stake in shares of AxoGen during the 4th quarter worth approximately $25,665,000. Bamco Inc. NY bought a new stake in shares of AxoGen during the 2nd quarter worth approximately $34,190,000. Finally, TimesSquare Capital Management LLC acquired a new stake in shares of AxoGen during the 2nd quarter worth approximately $31,863,000. 80.29% of the stock is currently owned by institutional investors and hedge funds.

About AxoGen

AxoGen, Inc is a medical technology company focused on repairing and regenerating damaged peripheral nerves. The company develops and commercializes products for use by surgeons treating traumatic nerve injuries and other conditions in which nerve function has been compromised.

AxoGen’s product portfolio includes Avance Nerve Graft, a processed human nerve allograft designed to bridge gaps in damaged nerves without requiring tissue to be taken from another part of the patient’s body. Its offerings also include Axoguard Nerve Connector and Axoguard Nerve Protector products, which are designed to support nerve repair and protect nerves during healing, as well as other products for peripheral nerve reconstruction.

Founded in 2002, AxoGen is headquartered in Alachua, Florida.