AxoGen (NASDAQ:AXGN) Stock Picked Up by Analysts at Bank of America

Key Points

• Bank of America initiated coverage of AxoGen with a “buy” rating and a $52 price target, implying 43.92% upside from the prior close.
• Analyst sentiment is broadly positive: AxoGen has a consensus “Moderate Buy” rating and an average target price of $51.73, though one analyst maintains a sell rating.
• AxoGen reported quarterly revenue of $69.73 million and EPS of $0.12, matching estimates; meanwhile, insiders sold roughly 98,500 shares in the last quarter, while institutional investors own 80.29% of the stock.

Equities researchers at Bank of America began coverage on shares of AxoGen (NASDAQ:AXGN - Get Free Report) in a note issued to investors on Monday, Benzinga reports. The brokerage set a "buy" rating and a $52.00 price target on the medical equipment provider's stock. Bank of America's target price would suggest a potential upside of 43.92% from the company's previous close.

Several other research analysts have also recently weighed in on AXGN. Jefferies Financial Group reissued a "buy" rating and set a $55.00 price objective on shares of AxoGen in a report on Wednesday, July 29th. Citizens Jmp raised their target price on shares of AxoGen from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AxoGen in a research report on Wednesday, August 26th. Barclays initiated coverage on shares of AxoGen in a research report on Tuesday, October 6th. They issued an "overweight" rating and a $55.00 target price for the company. Finally, Canaccord Genuity Group boosted their target price on shares of AxoGen from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.73.

AxoGen Stock Performance

AxoGen stock opened at $36.13 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. AxoGen has a one year low of $15.27 and a one year high of $52.91. The stock has a market capitalization of $1.94 billion, a PE ratio of -53.13 and a beta of 1.17. The business's fifty day moving average is $45.43 and its 200 day moving average is $41.94.

AxoGen (NASDAQ:AXGN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share for the quarter, hitting analysts' consensus estimates of $0.12. The business had revenue of $69.73 million during the quarter, compared to analyst estimates of $67.10 million. AxoGen had a negative return on equity of 8.90% and a negative net margin of 13.36%. On average, sell-side analysts predict that AxoGen will post -0.44 EPS for the current year.

Insider Transactions at AxoGen

In other news, EVP Marc Began sold 67,500 shares of the company's stock in a transaction dated Monday, August 10th. The shares were 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 $2,373,390.90. This represents a 57.38% decrease in their position. 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 stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $49.70, for a total transaction of $173,950.00. Following the completion of the transaction, the director owned 10,650 shares in the company, valued at $529,305. This trade represents a 24.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 98,503 shares of company stock valued at $4,656,947. 2.44% of the stock is owned by company insiders.

Institutional Trading of AxoGen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AXGN. BlackRock Inc. purchased a new position in shares of AxoGen during the 2nd quarter valued at about $204,123,000. Wasatch Advisors LP increased its holdings in AxoGen by 101.1% in the 1st quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider's stock worth $61,534,000 after acquiring an additional 933,778 shares in the last quarter. Perceptive Advisors LLC purchased a new stake in AxoGen in the 4th quarter worth approximately $25,665,000. Bamco Inc. NY bought a new stake in AxoGen during the 2nd quarter worth approximately $34,190,000. Finally, TimesSquare Capital Management LLC bought a new stake in AxoGen during the 2nd quarter worth approximately $31,863,000. 80.29% of the stock is owned by hedge funds and other institutional investors.

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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