AxoGen (NASDAQ:AXGN) Shares Gap Down – What’s Next?

AxoGen, Inc. (NASDAQ:AXGN) shares gapped down before the market opened on Thursday . The stock had previously closed at $33.01, but opened at $32.10. AxoGen shares last traded at $32.2650, with a volume of 1,205,625 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AXGN. Canaccord Genuity Group lifted their price target on shares of AxoGen from $27.00 to $37.00 and gave the company a “buy” rating in a report on Friday, December 5th. JMP Securities set a $34.00 target price on shares of AxoGen in a research report on Thursday, October 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of AxoGen in a research report on Monday, December 29th. Jefferies Financial Group increased their price target on shares of AxoGen from $29.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $36.00 price objective on shares of AxoGen in a research report on Thursday, December 4th. Nine analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, AxoGen has a consensus rating of “Moderate Buy” and an average target price of $35.56.

AxoGen Stock Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 4.09 and a quick ratio of 2.64. The business has a 50 day moving average price of $30.24 and a 200 day moving average price of $21.15. The stock has a market capitalization of $1.46 billion, a PE ratio of -637.20 and a beta of 1.00.

AxoGen (NASDAQ:AXGN) last announced its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $60.08 million for the quarter, compared to analysts’ expectations of $56.90 million. AxoGen had a negative net margin of 0.98% and a negative return on equity of 1.90%. As a group, equities research analysts expect that AxoGen, Inc. will post -0.29 earnings per share for the current year.

Insider Activity

In related news, EVP Marc A. Began sold 9,278 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $31.21, for a total transaction of $289,566.38. Following the completion of the sale, the executive vice president owned 31,507 shares of the company’s stock, valued at $983,333.47. This trade represents a 22.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lindsey Marie Hartley sold 14,812 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $29.86, for a total transaction of $442,286.32. Following the completion of the transaction, the chief financial officer owned 31,376 shares of the company’s stock, valued at approximately $936,887.36. The trade was a 32.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 399,759 shares of company stock valued at $11,371,779. Company insiders own 2.78% of the company’s stock.

Hedge Funds Weigh In On AxoGen

A number of hedge funds have recently bought and sold shares of AXGN. First Light Asset Management LLC grew its stake in shares of AxoGen by 28.2% in the third quarter. First Light Asset Management LLC now owns 5,805,730 shares of the medical equipment provider’s stock worth $103,574,000 after acquiring an additional 1,276,487 shares during the period. Balyasny Asset Management L.P. boosted its holdings in AxoGen by 183.9% in the second quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider’s stock worth $20,953,000 after purchasing an additional 1,250,968 shares during the last quarter. Bessemer Group Inc. purchased a new stake in AxoGen during the 3rd quarter valued at $14,468,000. Wasatch Advisors LP raised its stake in AxoGen by 85.1% during the 2nd quarter. Wasatch Advisors LP now owns 1,433,782 shares of the medical equipment provider’s stock valued at $15,557,000 after buying an additional 659,149 shares during the last quarter. Finally, Brown Capital Management LLC bought a new position in shares of AxoGen during the 3rd quarter valued at $11,500,000. Hedge funds and other 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.