AxoGen (NASDAQ:AXGN) Stock Price Down 2.9% Following Insider Selling

AxoGen, Inc. (NASDAQ:AXGN) traded down 2.9% on Wednesday following insider selling activity. The company traded as low as $17.09 and last traded at $17.11. 44,326 shares traded hands during trading, a decline of 89% from the average session volume of 394,667 shares. The stock had previously closed at $17.63.

Specifically, insider Erick Wayne Devinney sold 15,111 shares of the firm’s stock in a transaction on 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 owns 217,762 shares in the company, valued at approximately $3,810,835. This trade represents a 6.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

A number of analysts recently weighed in on AXGN shares. Lake Street Capital assumed coverage on shares of AxoGen in a research note on Monday. They issued a “buy” rating and a $30.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $24.00 price target on shares of AxoGen in a research report on Wednesday, March 5th. Finally, Canaccord Genuity Group lifted their price objective on shares of AxoGen from $22.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, AxoGen currently has an average rating of “Buy” and a consensus target price of $22.60.

AxoGen Price Performance

The stock’s fifty day simple moving average is $18.25 and its 200 day simple moving average is $15.60. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.74 and a quick ratio of 2.47. The firm has a market capitalization of $799.97 million, a P/E ratio of -56.38 and a beta of 1.02.

Hedge Funds Weigh In On AxoGen

Several institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC lifted its holdings in shares of AxoGen by 86.7% during the 4th quarter. Squarepoint Ops LLC now owns 55,668 shares of the medical equipment provider’s stock valued at $917,000 after purchasing an additional 25,853 shares during the last quarter. State of Wyoming acquired a new stake in AxoGen in the fourth quarter worth about $31,000. ProShare Advisors LLC acquired a new stake in AxoGen in the fourth quarter worth about $197,000. Nicholas Investment Partners LP grew its stake in shares of AxoGen by 49.9% during the fourth quarter. Nicholas Investment Partners LP now owns 295,554 shares of the medical equipment provider’s stock worth $4,871,000 after acquiring an additional 98,419 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of 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 valued at $398,000 after acquiring an additional 926 shares in the last quarter. 80.29% of the stock is owned by hedge funds and other institutional investors.

AxoGen Company Profile

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.