AxoGen (NASDAQ:AXGN) Sees Strong Trading Volume - Should You Buy?

Key Points

• AxoGen shares experienced a significant trading volume increase of 188% on Monday, reaching a total of 1,843,076 shares traded.
• Analysts at Canaccord Genuity have lowered their price target for AxoGen from $26.00 to $24.00 while maintaining a "buy" rating, with a consensus price target of $24.50.
• Insiders, including Director Joseph A. Tyndall, have been selling shares, with Tyndall reducing his stake by 56.66%, indicating potential concerns about the company's future performance.

AxoGen, Inc. (NASDAQ:AXGN - Get Free Report) shares saw an uptick in trading volume on Monday . 1,843,076 shares traded hands during mid-day trading, an increase of 188% from the previous session's volume of 640,890 shares.The stock last traded at $13.43 and had previously closed at $13.37.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group dropped their price objective on shares of AxoGen from $26.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, AxoGen currently has a consensus rating of "Buy" and a consensus price target of $24.50.

AxoGen Trading Down 2.8%

The stock has a market capitalization of $591.62 million, a P/E ratio of -86.59 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.65 and a current ratio of 4.28. The firm's fifty day simple moving average is $11.05 and its 200 day simple moving average is $15.02.

Insider Activity

In related news, Director Joseph A. Tyndall sold 20,062 shares of AxoGen stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $11.20, for a total transaction of $224,694.40. Following the sale, the director directly owned 15,345 shares of the company's stock, valued at approximately $171,864. The trade was a 56.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.78% of the company's stock.

Institutional Investors Weigh In On AxoGen

Several hedge funds have recently added to or reduced their stakes in the business. State of Wyoming acquired a new position in shares of AxoGen in the 4th quarter worth approximately $31,000. Fifth Third Bancorp acquired a new position in shares of AxoGen during the 1st quarter valued at $92,000. GAMMA Investing LLC lifted its position in shares of AxoGen by 3,884.6% during the 1st quarter. GAMMA Investing LLC now owns 5,698 shares of the medical equipment provider's stock valued at $105,000 after acquiring an additional 5,555 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of AxoGen during the 1st quarter valued at $146,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of AxoGen during the 1st quarter valued at $150,000. 80.29% of the stock is currently owned by institutional investors and hedge funds.

About AxoGen

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.

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