Armistice Capital LLC Sells 264,000 Shares of AxoGen, Inc. $AXGN

Key Points

• Armistice Capital LLC reduced its AxoGen stake by 22% in the fourth quarter, selling 264,000 shares and ending with 936,000 shares valued at about $30.6 million.
• Insider selling has also picked up, with directors Amy Mcbride Wendell and John Johnson selling shares in May; insiders have sold 29,041 shares worth about $1.27 million over the past 90 days.
• AxoGen posted mixed results and has a favorable analyst outlook: it beat revenue expectations in its latest quarter but missed EPS estimates, while Wall Street maintains a consensus Moderate Buy rating with an average price target of $46.50.

Armistice Capital LLC cut its holdings in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 22.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 936,000 shares of the medical equipment provider's stock after selling 264,000 shares during the period. Armistice Capital LLC owned 2.03% of AxoGen worth $30,635,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. MCF Advisors LLC purchased a new stake in AxoGen during the fourth quarter worth $30,000. Aquatic Capital Management LLC increased its holdings in shares of AxoGen by 287.8% in the 3rd quarter. Aquatic Capital Management LLC now owns 1,710 shares of the medical equipment provider's stock valued at $31,000 after acquiring an additional 1,269 shares during the period. Arax Advisory Partners increased its holdings in shares of AxoGen by 362.4% in the 4th quarter. Arax Advisory Partners now owns 1,045 shares of the medical equipment provider's stock valued at $34,000 after acquiring an additional 819 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of AxoGen in the 4th quarter worth $36,000. Finally, Kestra Advisory Services LLC bought a new position in shares of AxoGen in the 4th quarter worth $39,000. 80.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AxoGen

In other news, Director Amy Mcbride Wendell sold 1,647 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $42.60, for a total value of $70,162.20. Following the completion of the transaction, the director directly owned 93,826 shares in the company, valued at $3,996,987.60. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Johnson sold 11,050 shares of AxoGen stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $43.26, for a total value of $478,023.00. Following the sale, the director directly owned 11,050 shares of the company's stock, valued at $478,023. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,041 shares of company stock valued at $1,268,792 in the last ninety days. Company insiders own 2.44% of the company's stock.

AxoGen Stock Performance

Shares of AxoGen stock opened at $44.57 on Thursday. The company has a 50 day moving average price of $39.93 and a 200 day moving average price of $34.93. The firm has a market capitalization of $2.37 billion, a P/E ratio of -69.64 and a beta of 1.12. 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, Inc. has a 52 week low of $9.22 and a 52 week high of $45.83.

AxoGen (NASDAQ:AXGN - Get Free Report) last released its earnings results on Tuesday, April 28th. The medical equipment provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.05). The company had revenue of $61.46 million for the quarter, compared to analysts' expectations of $57.85 million. AxoGen had a negative return on equity of 9.63% and a negative net margin of 13.21%. Sell-side analysts expect that AxoGen, Inc. will post -0.37 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AXGN shares. HC Wainwright raised their price objective on AxoGen from $39.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Zacks Research upgraded shares of AxoGen from a "strong sell" rating to a "hold" rating in a report on Friday, May 29th. Citigroup reissued an "outperform" rating on shares of AxoGen in a research report on Wednesday, April 29th. Lake Street Capital lifted their price objective on shares of AxoGen from $40.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Finally, Wall Street Zen lowered shares of AxoGen from a "buy" rating to a "hold" rating in a research note on Saturday, June 6th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $46.50.

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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