Bessemer Group Inc. Sells 345,347 Shares of AxoGen, Inc. $AXGN

Key Points

• Bessemer Group Inc. cut its AxoGen stake by 42.6% in the fourth quarter, selling 345,347 shares and leaving it with 465,604 shares worth about $15.24 million.
• AxoGen posted mixed quarterly results, with revenue of $61.46 million beating estimates but EPS of $0.07 missing expectations of $0.12. The company also reported negative net margin and return on equity.
• Analyst sentiment remains mostly positive despite some caution: several firms raised price targets to $50, while Zacks downgraded the stock to strong sell; overall consensus is a Moderate Buy with an average target price of $46.50.

Bessemer Group Inc. lowered its position in AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 42.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 465,604 shares of the medical equipment provider's stock after selling 345,347 shares during the period. Bessemer Group Inc. owned about 1.01% of AxoGen worth $15,240,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. First Light Asset Management LLC grew its holdings in shares of AxoGen by 28.2% in the third quarter. First Light Asset Management LLC now owns 5,805,730 shares of the medical equipment provider's stock worth $103,574,000 after acquiring an additional 1,276,487 shares during the period. Vanguard Group Inc. grew its holdings in shares of AxoGen by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 2,869,955 shares of the medical equipment provider's stock worth $93,934,000 after acquiring an additional 190,557 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in shares of AxoGen by 20.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,958,406 shares of the medical equipment provider's stock worth $34,938,000 after acquiring an additional 332,498 shares during the period. Balyasny Asset Management L.P. grew its holdings in AxoGen by 183.9% during the second quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider's stock valued at $20,953,000 after purchasing an additional 1,250,968 shares during the period. Finally, Wasatch Advisors LP grew its holdings in AxoGen by 14.3% during the third quarter. Wasatch Advisors LP now owns 1,639,351 shares of the medical equipment provider's stock valued at $29,246,000 after purchasing an additional 205,569 shares during the period. Institutional investors own 80.29% of the company's stock.

AxoGen Price Performance

Shares of AxoGen stock opened at $40.99 on Friday. The stock's 50-day simple moving average is $35.43 and its 200-day simple moving average is $32.04. AxoGen, Inc. has a 52 week low of $9.22 and a 52 week high of $45.83. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -64.05 and a beta of 1.17. 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 (NASDAQ:AXGN - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The medical equipment provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.05). AxoGen had a negative net margin of 13.21% and a negative return on equity of 9.63%. The business had revenue of $61.46 million during the quarter, compared to analysts' expectations of $57.85 million. As a group, analysts expect that AxoGen, Inc. will post -0.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on AXGN shares. Lake Street Capital boosted their price target on AxoGen from $40.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Raymond James Financial reissued an "outperform" rating and set a $48.00 price target on shares of AxoGen in a report on Wednesday, April 29th. HC Wainwright boosted their price target on AxoGen from $39.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Citizens Jmp boosted their price target on AxoGen from $42.00 to $50.00 and gave the company a "market outperform" rating in a report on Wednesday, April 29th. Finally, Zacks Research downgraded AxoGen from a "hold" rating to a "strong sell" rating in a research report on Monday, April 27th. Nine research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, AxoGen presently has a consensus rating of "Moderate Buy" and an average target price of $46.50.

Insiders Place Their Bets

In other news, Director Amy Mcbride Wendell sold 1,647 shares of the business'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 transaction, the director directly owned 93,826 shares in the company, valued at $3,996,987.60. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Erick Wayne Devinney sold 5,221 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $32.84, for a total value of $171,457.64. Following the completion of the transaction, the insider owned 262,781 shares in the company, valued at $8,629,728.04. The trade was a 1.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,262 shares of company stock valued at $1,440,250 over the last three months. Insiders own 2.44% of the company's stock.

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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