313,399 Shares in AxoGen, Inc. $AXGN Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 313,399 AxoGen shares worth approximately $14.5 million, joining other major investors and contributing to institutional ownership of 80.29%.
• Analysts remain broadly bullish, with a consensus rating of “Moderate Buy” and an average price target of $52.11; recent targets range from $53 to $60.
• AxoGen matched quarterly earnings expectations at $0.12 per share and exceeded revenue estimates with $69.73 million, although it reported a negative net margin and insiders sold nearly $4.7 million of stock over the past 90 days.

Bank of America Corp DE bought a new stake in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 313,399 shares of the medical equipment provider's stock, valued at approximately $14,476,000. Bank of America Corp DE owned 0.58% of AxoGen at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AXGN. BlackRock Inc. purchased a new stake in shares of AxoGen in the second quarter worth about $204,123,000. Wasatch Advisors LP grew its position in AxoGen by 101.1% during the first quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider's stock worth $61,534,000 after buying an additional 933,778 shares in the last quarter. Next Century Growth Investors LLC bought a new position in AxoGen in the 4th quarter worth about $26,180,000. Perceptive Advisors LLC purchased a new stake in shares of AxoGen in the 4th quarter valued at about $25,665,000. Finally, TimesSquare Capital Management LLC bought a new stake in shares of AxoGen during the 2nd quarter valued at about $31,863,000. 80.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on AXGN shares. Citigroup restated a "market outperform" rating on shares of AxoGen in a research report on Thursday, July 30th. Jefferies Financial Group reaffirmed a "buy" rating and set a $55.00 price objective on shares of AxoGen in a report on Wednesday, July 29th. Truist Financial initiated coverage on shares of AxoGen in a research report on Wednesday, August 26th. They issued a "buy" rating and a $60.00 target price for the company. HC Wainwright increased their target price on AxoGen from $50.00 to $53.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Citizens Jmp lifted their price target on AxoGen from $50.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.11.

AxoGen Stock Up 0.2%

NASDAQ:AXGN opened at $43.39 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. The firm's 50-day moving average price is $45.80 and its 200-day moving average price is $41.36. The company has a market capitalization of $2.33 billion, a PE ratio of -63.81 and a beta of 1.16. AxoGen, Inc. has a 1-year low of $15.27 and a 1-year high of $52.91.

AxoGen (NASDAQ:AXGN - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $67.10 million. AxoGen had a negative net margin of 13.36% and a negative return on equity of 8.90%. On average, equities analysts predict that AxoGen, Inc. will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Marc Began sold 67,500 shares of AxoGen stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $47.34, for a total value of $3,195,450.00. Following the completion of the transaction, the executive vice president owned 50,135 shares of the company's stock, valued at $2,373,390.90. The trade was a 57.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 dated Wednesday, September 2nd. The shares were sold at an average price of $49.70, for a total transaction of $173,950.00. Following the sale, the director directly owned 10,650 shares in the company, valued at $529,305. This trade represents a 24.73% decrease in their ownership of the stock. 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 98,503 shares of company stock valued at $4,656,947 over the last ninety days. Insiders own 2.44% of the company's stock.

About AxoGen

AxoGen, Inc NASDAQ: AXGN is a medical technology company focused on the repair and regeneration of damaged peripheral nerves. The company develops and markets biologic and surgical products intended to help restore sensory and motor function following traumatic nerve injuries or surgical procedures.

Its product portfolio includes Avance Nerve Graft, a processed human nerve allograft used to bridge gaps in damaged nerves; Axoguard Nerve Connector, designed to protect and support the repair of smaller nerve injuries; and Axoguard Nerve Protector, a collagen-based product intended to help protect repaired nerves and reduce the effects of scar tissue.

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