AxoGen (NASDAQ:AXGN) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded AxoGen from a buy to a hold, even though most other analysts remain bullish. The stock still carries an average “Moderate Buy” rating with a consensus target price of $46.50.
• Latest earnings were mixed: AxoGen reported $0.07 EPS, missing expectations, but revenue of $61.46 million topped forecasts. The company also posted negative net margin and return on equity.
• Shares and insider activity drew attention as AXGN opened at $42.80, near its 52-week high of $45.83, while directors sold shares recently. Institutional investors continue to hold a large stake, owning about 80.29% of the company.

AxoGen (NASDAQ:AXGN - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

A number of other analysts have also weighed in on the stock. Lake Street Capital upped their target price on shares of AxoGen from $40.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Citizens Jmp upped their target price on shares of AxoGen from $42.00 to $50.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 29th. Raymond James Financial restated an "outperform" rating and set a $48.00 target price on shares of AxoGen in a research note on Wednesday, April 29th. Canaccord Genuity Group upped their target price on shares of AxoGen from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, HC Wainwright upped their target price on shares of AxoGen from $39.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, AxoGen has an average rating of "Moderate Buy" and a consensus target price of $46.50.

AxoGen Stock Performance

Shares of AXGN stock opened at $42.80 on Friday. The company has a quick ratio of 5.33, a current ratio of 7.10 and a debt-to-equity ratio of 0.08. AxoGen has a 52 week low of $9.22 and a 52 week high of $45.83. The stock has a market capitalization of $2.28 billion, a PE ratio of -66.88 and a beta of 1.12. The firm has a 50 day moving average of $38.34 and a two-hundred day moving average of $33.96.

AxoGen (NASDAQ:AXGN - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The medical equipment provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.05). AxoGen had a negative net margin of 13.21% and a negative return on equity of 9.63%. The business had revenue of $61.46 million during the quarter, compared to analysts' expectations of $57.85 million. On average, research analysts predict that AxoGen will post -0.37 EPS for the current fiscal year.

Insider Activity

In related news, Director John Johnson sold 11,050 shares of the business's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $43.26, for a total transaction of $478,023.00. Following the completion of the transaction, the director owned 11,050 shares in the company, valued at approximately $478,023. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Amy Mcbride Wendell sold 1,647 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $42.60, for a total transaction of $70,162.20. Following the transaction, the director owned 93,826 shares of the company's stock, valued at approximately $3,996,987.60. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 34,262 shares of company stock worth $1,440,250. 2.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AxoGen

Several large investors have recently bought and sold shares of AXGN. First Light Asset Management LLC boosted its stake in 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 valued at $103,574,000 after acquiring an additional 1,276,487 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake 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 valued at $20,953,000 after acquiring an additional 1,250,968 shares in the last quarter. Wasatch Advisors LP boosted its stake in AxoGen by 101.1% in the first quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider's stock valued at $61,534,000 after acquiring an additional 933,778 shares in the last quarter. Millennium Management LLC boosted its stake in AxoGen by 2,255.8% in the fourth quarter. Millennium Management LLC now owns 971,358 shares of the medical equipment provider's stock valued at $31,793,000 after acquiring an additional 930,126 shares in the last quarter. Finally, Bessemer Group Inc. acquired a new position in AxoGen in the third quarter valued at $14,468,000. Institutional investors and hedge funds own 80.29% of the company's stock.

About AxoGen

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.

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