AxoGen (NASDAQ:AXGN) Trading Up 8% - Here's What Happened

AxoGen, Inc. (NASDAQ:AXGN - Get Free Report) was up 8% on Tuesday . The stock traded as high as $12.28 and last traded at $12.53. Approximately 126,884 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 518,188 shares. The stock had previously closed at $11.61.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group reduced their price target on AxoGen from $26.00 to $24.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $24.50.

AxoGen Stock Performance

The company has a 50-day moving average of $10.92 and a 200 day moving average of $15.10. The company has a quick ratio of 2.65, a current ratio of 4.28 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $558.46 million, a PE ratio of -82.06 and a beta of 1.04.

Insider Buying and Selling at AxoGen

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

Institutional Trading of AxoGen

Several institutional investors have recently added to or reduced their stakes in AXGN. Driehaus Capital Management LLC boosted its stake in shares of AxoGen by 166.0% in the 4th quarter. Driehaus Capital Management LLC now owns 954,439 shares of the medical equipment provider's stock worth $15,729,000 after buying an additional 595,579 shares during the last quarter. First Light Asset Management LLC lifted its position in AxoGen by 10.2% during the fourth quarter. First Light Asset Management LLC now owns 4,506,795 shares of the medical equipment provider's stock valued at $74,272,000 after purchasing an additional 416,499 shares in the last quarter. Invesco Ltd. lifted its position in AxoGen by 2,124.5% during the first quarter. Invesco Ltd. now owns 382,429 shares of the medical equipment provider's stock valued at $7,075,000 after purchasing an additional 365,237 shares in the last quarter. Nuveen LLC purchased a new position in AxoGen during the first quarter valued at $5,668,000. Finally, Balyasny Asset Management L.P. purchased a new position in AxoGen during the fourth quarter valued at $4,943,000. 80.29% of the stock is currently owned by hedge funds and other institutional investors.

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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