AxoGen (NASDAQ:AXGN) Sets New 12-Month High – Here’s What Happened

AxoGen, Inc. (NASDAQ:AXGN) shares hit a new 52-week high on Thursday . The stock traded as high as $37.88 and last traded at $36.9990, with a volume of 1325004 shares trading hands. The stock had previously closed at $34.76.

Wall Street Analyst Weigh In

AXGN has been the topic of several research analyst reports. Wall Street Zen lowered shares of AxoGen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Citizens Jmp raised their price target on shares of AxoGen from $34.00 to $42.00 and gave the stock a “market outperform” rating in a research report on Tuesday, February 24th. Raymond James Financial reaffirmed an “outperform” rating and set a $41.00 price target on shares of AxoGen in a research report on Monday, February 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $40.00 price target on shares of AxoGen in a research report on Monday, March 30th. Finally, Citigroup reaffirmed an “outperform” rating on shares of AxoGen in a research report on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, AxoGen currently has an average rating of “Moderate Buy” and a consensus price target of $39.75.

AxoGen Price Performance

The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of -113.23 and a beta of 0.98. The company has a quick ratio of 3.31, a current ratio of 5.11 and a debt-to-equity ratio of 0.51. The business’s 50 day simple moving average is $32.72 and its 200-day simple moving average is $29.00.

AxoGen (NASDAQ:AXGN) last announced its quarterly earnings data on Tuesday, February 24th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The firm had revenue of $59.90 million for the quarter, compared to analyst estimates of $59.90 million. AxoGen had a negative return on equity of 13.44% and a negative net margin of 6.97%. On average, research analysts forecast that AxoGen, Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling at AxoGen

In other news, insider Erick Wayne Devinney sold 5,221 shares of the firm’s 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 approximately $8,629,728.04. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MCF Advisors LLC bought a new position in AxoGen during the 4th quarter worth approximately $30,000. Arax Advisory Partners raised its holdings in AxoGen by 362.4% during the 4th quarter. Arax Advisory Partners now owns 1,045 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 819 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in AxoGen during the 4th quarter worth approximately $36,000. Kestra Advisory Services LLC bought a new position in AxoGen during the 4th quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC bought a new position in AxoGen during the 3rd quarter worth approximately $27,000. Institutional investors own 80.29% of the company’s stock.

About AxoGen

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.