AxoGen, Inc. $AXGN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its AxoGen stake by 60.6% in the third quarter, selling 631,936 shares and retaining 411,714 shares worth approximately $17.3 million. Institutional investors collectively own 80.29% of AXGN.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and a consensus price target of $51.73, although Morgan Stanley downgraded the stock to “hold.”
• AxoGen reported quarterly revenue of $69.73 million and adjusted earnings of $0.12 per share, matching EPS expectations and exceeding revenue forecasts, but remains unprofitable with a negative net margin.

Assenagon Asset Management S.A. cut its holdings in AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 60.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 411,714 shares of the medical equipment provider's stock after selling 631,936 shares during the period. Assenagon Asset Management S.A. owned about 0.77% of AxoGen worth $17,259,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. State of Alaska Department of Revenue raised its position in shares of AxoGen by 16.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 2,833 shares of the medical equipment provider's stock worth $118,000 after acquiring an additional 409 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in AxoGen by 27.5% in the third quarter. Artemis Investment Management LLP now owns 1,780,992 shares of the medical equipment provider's stock valued at $74,659,000 after purchasing an additional 384,200 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in AxoGen in the second quarter valued at approximately $272,000. Tidal Investments LLC acquired a new position in AxoGen in the second quarter valued at approximately $225,000. Finally, Arizona State Retirement System increased its stake in AxoGen by 7.6% in the second quarter. Arizona State Retirement System now owns 13,604 shares of the medical equipment provider's stock valued at $628,000 after purchasing an additional 966 shares during the last quarter. 80.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Raymond James Financial boosted their price objective on shares of AxoGen from $48.00 to $53.00 and gave the stock an "outperform" rating in a research report on Friday, September 25th. Citigroup reaffirmed a "market outperform" rating on shares of AxoGen in a research report on Thursday, July 30th. Lake Street Capital reaffirmed a "buy" rating on shares of AxoGen in a research report on Monday, October 5th. Bank of America began coverage on shares of AxoGen in a research note on Monday, October 12th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Morgan Stanley cut shares of AxoGen to a "hold" rating in a research report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, AxoGen has an average rating of "Moderate Buy" and an average target price of $51.73.

Insider Activity

In other AxoGen news, Director Kathy Weiler sold 14,150 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $45.30, for a total transaction of $640,995.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joseph A. Tyndall sold 3,500 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $49.70, for a total transaction of $173,950.00. Following the completion of the sale, the director owned 10,650 shares of the company's stock, valued at $529,305. This trade represents a 24.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 98,503 shares of company stock valued at $4,656,947. 2.44% of the stock is owned by corporate insiders.

AxoGen Stock Performance

Shares of AxoGen stock opened at $34.62 on Monday. The company has a market capitalization of $1.86 billion, a P/E ratio of -50.91 and a beta of 1.17. AxoGen, Inc. has a 1 year low of $16.24 and a 1 year high of $52.91. The company's fifty day moving average is $44.45 and its two-hundred day moving average is $42.06. 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 (NASDAQ:AXGN - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $69.73 million during the quarter, compared to the consensus estimate of $67.10 million. Analysts forecast that AxoGen, Inc. will post -0.44 earnings per share for the current year.

About AxoGen

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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