AxoGen, Inc. $AXGN Shares Acquired by Artemis Investment Management LLP

Key Points

• Artemis Investment Management increased its AxoGen stake by 27.5% in the third quarter, purchasing 384,200 additional shares for a total of 1.78 million shares, or approximately 3.31% of the company.
• Institutional investors and hedge funds own 80.29% of AxoGen, while insiders own 2.44%; several other investment firms also initiated or expanded positions during the second quarter.
• AxoGen shares recently traded at $36.11, below the analyst consensus price target of $51.70. Despite some downgrades, analysts maintain a consensus “Moderate Buy” rating, supported by quarterly revenue that exceeded expectations.

Artemis Investment Management LLP increased its position in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 27.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,780,992 shares of the medical equipment provider's stock after buying an additional 384,200 shares during the quarter. Artemis Investment Management LLP owned about 3.31% of AxoGen worth $74,659,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AXGN. Sequoia Financial Advisors LLC purchased a new stake in shares of AxoGen in the second quarter valued at about $272,000. Tidal Investments LLC purchased a new stake in AxoGen in the 2nd quarter valued at approximately $225,000. Arizona State Retirement System raised its stake in shares of AxoGen by 7.6% during the 2nd quarter. Arizona State Retirement System now owns 13,604 shares of the medical equipment provider's stock worth $628,000 after buying an additional 966 shares in the last quarter. Nykredit A S purchased a new stake in shares of AxoGen in the second quarter valued at approximately $30,000. Finally, Corient Private Wealth LP purchased a new position in AxoGen in the second quarter worth $418,000. 80.29% of the stock is owned by institutional investors and hedge funds.

AxoGen Stock Up 0.2%

Shares of NASDAQ:AXGN traded up $0.07 during midday trading on Thursday, hitting $36.11. 547,254 shares of the company's stock traded hands, compared to its average volume of 1,140,481. The firm's fifty day moving average price is $45.66 and its two-hundred day moving average price is $41.87. The company has a debt-to-equity ratio of 0.07, a quick ratio of 5.04 and a current ratio of 6.60. AxoGen, Inc. has a twelve month low of $15.27 and a twelve month high of $52.91. The company has a market cap of $1.94 billion, a PE ratio of -53.10 and a beta of 1.17.

AxoGen (NASDAQ:AXGN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 EPS for the quarter, meeting the consensus estimate of $0.12. AxoGen had a negative return on equity of 8.90% and a negative net margin of 13.36%.The business had revenue of $69.73 million for the quarter, compared to the consensus estimate of $67.10 million. On average, equities research analysts anticipate that AxoGen, Inc. will post -0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

AXGN has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of AxoGen to a "hold" rating in a report on Tuesday, September 29th. Wall Street Zen downgraded shares of AxoGen from a "buy" rating to a "hold" rating in a report on Saturday, September 26th. Jefferies Financial Group restated a "buy" rating and set a $55.00 price objective on shares of AxoGen in a research report on Wednesday, July 29th. Truist Financial dropped their price target on AxoGen from $60.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, October 1st. Finally, Citigroup restated a "market outperform" rating on shares of AxoGen in a report on Thursday, July 30th. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AxoGen has a consensus rating of "Moderate Buy" and an average price target of $51.70.

Insider Activity

In other news, Director Kathy Weiler sold 14,150 shares of AxoGen stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $45.30, for a total transaction of $640,995.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Wendell sold 13,353 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $48.42, for a total value of $646,552.26. Following the sale, the director owned 107,976 shares of the company's stock, valued at approximately $5,228,197.92. This trade represents a 11.01% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 98,503 shares of company stock valued at $4,656,947. Corporate insiders own 2.44% of the company's stock.

AxoGen Company Profile

AxoGen, Inc is a medical technology company focused on repairing and regenerating damaged peripheral nerves. The company develops and commercializes products for use by surgeons treating traumatic nerve injuries and other conditions in which nerve function has been compromised.

AxoGen's product portfolio includes Avance Nerve Graft, a processed human nerve allograft designed to bridge gaps in damaged nerves without requiring tissue to be taken from another part of the patient's body. Its offerings also include Axoguard Nerve Connector and Axoguard Nerve Protector products, which are designed to support nerve repair and protect nerves during healing, as well as other products for peripheral nerve reconstruction.

Founded in 2002, AxoGen is headquartered in Alachua, Florida.

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