Bank of New York Mellon Corp Invests $7.04 Million in AxoGen, Inc. $AXGN

Key Points

• Bank of New York Mellon initiated a $7.04 million position in AxoGen, purchasing 152,451 shares, while institutional investors collectively own 80.29% of the company.
• AxoGen reported quarterly revenue of $69.73 million and adjusted earnings of $0.12 per share, matching EPS expectations and exceeding revenue forecasts; analysts expect a full-year loss of $0.45 per share.
• AXGN shares recently traded at $47.10, down 2.5%. Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $51.56, although insiders sold 95,003 shares worth about $4.48 million over the past 90 days.

Bank of New York Mellon Corp bought a new position in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 152,451 shares of the medical equipment provider's stock, valued at approximately $7,042,000. Bank of New York Mellon Corp owned about 0.28% of AxoGen as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its stake in AxoGen by 1.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 21,473 shares of the medical equipment provider's stock valued at $703,000 after buying an additional 371 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in AxoGen by 6.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,943 shares of the medical equipment provider's stock worth $296,000 after acquiring an additional 525 shares during the last quarter. Arax Advisory Partners raised its holdings in shares of AxoGen by 362.4% during the 4th quarter. Arax Advisory Partners now owns 1,045 shares of the medical equipment provider's stock worth $34,000 after acquiring an additional 819 shares in the last quarter. Brooklyn Investment Group raised its holdings in shares of AxoGen by 4.2% during the 4th quarter. Brooklyn Investment Group now owns 20,568 shares of the medical equipment provider's stock worth $688,000 after acquiring an additional 823 shares in the last quarter. Finally, MCF Advisors LLC bought a new position in shares of AxoGen during the 4th quarter valued at approximately $30,000. 80.29% of the stock is currently owned by institutional investors.

AxoGen Stock Down 2.5%

Shares of NASDAQ AXGN opened at $47.10 on Friday. AxoGen, Inc. has a 1 year low of $15.27 and a 1 year high of $52.91. The firm has a 50-day simple moving average of $45.14 and a two-hundred day simple moving average of $40.00. The company has a market cap of $2.53 billion, a P/E ratio of -69.26 and a beta of 1.16. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04.

AxoGen (NASDAQ:AXGN - Get Free Report) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 EPS for the quarter, meeting analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $67.10 million. Research analysts anticipate that AxoGen, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Marc Began sold 67,500 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $47.34, for a total transaction of $3,195,450.00. Following the transaction, the executive vice president directly owned 50,135 shares of the company's stock, valued at approximately $2,373,390.90. This trade represents a 57.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 on Tuesday, August 11th. The stock was sold at an average price of $48.42, for a total value of $646,552.26. Following the transaction, the director owned 107,976 shares in the company, valued at $5,228,197.92. The trade was a 11.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 95,003 shares of company stock valued at $4,482,997 in the last 90 days. Company insiders own 2.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AXGN. Citigroup reissued a "market outperform" rating on shares of AxoGen in a report on Thursday, July 30th. HC Wainwright upped their price target on shares of AxoGen from $50.00 to $53.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of AxoGen in a research report on Wednesday, August 26th. Wall Street Zen raised shares of AxoGen from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Finally, Truist Financial initiated coverage on shares of AxoGen in a research report on Wednesday, August 26th. They set a "buy" rating and a $60.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $51.56.

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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