AxoGen (NASDAQ:AXGN) Stock Rated “Buy” in New Coverage at Bank of America

Bank of America initiated coverage on shares of AxoGen (NASDAQ:AXGN) in a research note released 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 company. Lake Street Capital reissued a “buy” rating on shares of AxoGen in a report on Monday, October 5th. HC Wainwright increased their price objective on AxoGen from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Citizens Jmp raised their target price on AxoGen from $50.00 to $55.00 and gave the company a “market outperform” rating in a report on Thursday, July 30th. Morgan Stanley cut AxoGen to a “hold” rating in a research report on Tuesday, September 29th. Finally, Citigroup reiterated a “market outperform” rating on shares of AxoGen in a report on Thursday, July 30th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.73.

AxoGen Stock Performance

AXGN opened at $35.14 on Monday. The company has a current ratio of 6.60, a quick ratio of 5.04 and a debt-to-equity ratio of 0.07. The company’s fifty day moving average price is $44.86 and its two-hundred day moving average price is $42.01. AxoGen has a 1-year low of $15.94 and a 1-year high of $52.91. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -51.68 and a beta of 1.17.

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

Insiders Place Their Bets

In related news, Director Amy Wendell sold 13,353 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $48.42, for a total value of $646,552.26. Following the sale, the director directly owned 107,976 shares of the company’s stock, valued at $5,228,197.92. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joseph Tyndall sold 3,500 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $49.70, for a total value of $173,950.00. Following the transaction, the director owned 10,650 shares in the company, valued at approximately $529,305. This represents a 24.73% decrease in their position. 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. Insiders sold 98,503 shares of company stock valued at $4,656,947 over the last three months. Company insiders own 2.44% of the company’s stock.

Hedge Funds Weigh In On AxoGen

Several hedge funds have recently made changes to their positions in AXGN. Nykredit A S bought a new stake in AxoGen in the second quarter valued at $30,000. KBC Group NV purchased a new position in AxoGen during the 1st quarter valued at $41,000. Caitong International Asset Management Co. Ltd purchased a new position in AxoGen during the 4th quarter valued at $52,000. Canada Pension Plan Investment Board bought a new position in AxoGen in the 2nd quarter worth $203,000. Finally, Tidal Investments LLC bought a new position in AxoGen in the 2nd quarter worth $225,000. 80.29% of the stock is owned by hedge funds and other institutional investors.

AxoGen Company Profile

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.