AxoGen, Inc. (NASDAQ:AXGN) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its position in AxoGen by 17.7%, acquiring 50,966 additional shares, bringing their total to 339,711 shares valued at approximately $6.3 million.
• Several hedge funds, including First Light Asset Management and Assenagon Asset Management, have also significantly raised their stakes in AxoGen, reflecting heightened institutional interest.
• AxoGen stock currently has a market capitalization of $651.54 million and recently saw some analysts adjusting their ratings, with Canaccord Genuity lowering their price target from $26.00 to $24.00 while maintaining a "buy" rating.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 17.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 339,711 shares of the medical equipment provider's stock after purchasing an additional 50,966 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.75% of AxoGen worth $6,285,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AXGN. Driehaus Capital Management LLC raised its position in AxoGen by 166.0% in the fourth quarter. Driehaus Capital Management LLC now owns 954,439 shares of the medical equipment provider's stock valued at $15,729,000 after purchasing an additional 595,579 shares during the period. First Light Asset Management LLC grew its stake in shares of AxoGen by 10.2% in the fourth quarter. First Light Asset Management LLC now owns 4,506,795 shares of the medical equipment provider's stock worth $74,272,000 after acquiring an additional 416,499 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of AxoGen in the fourth quarter worth $4,943,000. Raymond James Financial Inc. acquired a new position in shares of AxoGen in the fourth quarter worth $4,552,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of AxoGen by 21.1% in the first quarter. Assenagon Asset Management S.A. now owns 1,001,217 shares of the medical equipment provider's stock worth $18,523,000 after acquiring an additional 174,681 shares in the last quarter. 80.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AXGN has been the subject of a number of analyst reports. Canaccord Genuity Group lowered their target price on shares of AxoGen from $26.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Wall Street Zen raised shares of AxoGen from a "hold" rating to a "buy" rating in a report on Saturday, August 9th.

Insiders Place Their Bets

In other AxoGen news, Director Joseph A. Tyndall sold 20,062 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $11.20, for a total transaction of $224,694.40. Following the completion of the transaction, the director directly owned 15,345 shares of the company's stock, valued at $171,864. This trade represents a 56.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.78% of the company's stock.

AxoGen Trading Up 0.2%

Shares of AXGN stock traded up $0.03 during mid-day trading on Friday, reaching $14.93. The company's stock had a trading volume of 1,514,260 shares, compared to its average volume of 1,981,769. The company's 50 day simple moving average is $11.84 and its 200-day simple moving average is $14.56. AxoGen, Inc. has a 12-month low of $9.22 and a 12-month high of $21.00. The company has a quick ratio of 2.67, a current ratio of 4.14 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $686.93 million, a PE ratio of -149.29 and a beta of 1.00.

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.