AxoGen (NASDAQ:AXGN) Stock Bumped Up to Strong-Buy by Truist Financial

Key Points

• Truist Financial upgraded AxoGen to “strong buy,” while analysts overall maintain a “Moderate Buy” consensus and an average price target of $51.33.
• AxoGen reported quarterly revenue of $69.73 million, above the $67.10 million analyst estimate, and earnings of $0.12 per share in line with expectations; analysts anticipate a full-year loss of $0.44 per share.
• The stock opened at $39.92 after declining 4.8%, while institutional ownership stood at 80.29%; insiders sold approximately $4.66 million of shares over the prior 90 days.

AxoGen (NASDAQ:AXGN - Get Free Report) was upgraded by stock analysts at Truist Financial to a "strong-buy" rating in a research note issued on Thursday, Zacks reports.

AXGN has been the topic of a number of other research reports. Morgan Stanley lowered AxoGen to a "hold" rating in a research note on Tuesday. Jefferies Financial Group reissued a "buy" rating and issued a $55.00 target price on shares of AxoGen in a research note on Wednesday, July 29th. Wall Street Zen lowered shares of AxoGen from a "buy" rating to a "hold" rating in a report on Saturday, September 26th. Citizens Jmp raised their price target on shares of AxoGen from $50.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of AxoGen in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, AxoGen currently has an average rating of "Moderate Buy" and an average price target of $51.33.

AxoGen Stock Down 4.8%

AXGN opened at $39.92 on Thursday. The business's fifty day moving average is $45.98 and its two-hundred day moving average is $41.73. 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 company has a market cap of $2.15 billion, a price-to-earnings ratio of -58.71 and a beta of 1.17. AxoGen has a one year low of $15.27 and a one year high of $52.91.

AxoGen (NASDAQ:AXGN - Get Free Report) last announced 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 business had revenue of $69.73 million during the quarter, compared to analysts' expectations of $67.10 million. Analysts anticipate that AxoGen will post -0.44 EPS for the current fiscal year.

Insider Transactions at AxoGen

In other AxoGen news, EVP Marc Began sold 67,500 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $47.34, for a total transaction of $3,195,450.00. Following the completion of the sale, the executive vice president owned 50,135 shares of the company's stock, valued at approximately $2,373,390.90. The trade was a 57.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 stock was sold at an average price of $49.70, for a total value of $173,950.00. Following the sale, the director owned 10,650 shares of the company's stock, valued at $529,305. The trade was a 24.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,503 shares of company stock worth $4,656,947 over the last ninety days. 2.44% of the stock is owned by insiders.

Hedge Funds Weigh In On AxoGen

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of AxoGen in the second quarter worth about $204,123,000. Wasatch Advisors LP grew its holdings in AxoGen by 101.1% during the 1st quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider's stock valued at $61,534,000 after purchasing an additional 933,778 shares in the last quarter. Wellington Management Group LLP increased its stake in AxoGen by 44.3% during the 2nd quarter. Wellington Management Group LLP now owns 1,391,654 shares of the medical equipment provider's stock worth $64,280,000 after buying an additional 427,089 shares during the period. Next Century Growth Investors LLC acquired a new position in AxoGen in the 4th quarter worth $26,180,000. Finally, Perceptive Advisors LLC purchased a new position in AxoGen in the 4th quarter valued at about $25,665,000. Hedge funds and other institutional investors own 80.29% of the company's stock.

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.

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