First Light Asset Management LLC Has $132.61 Million Stock Holdings in AxoGen, Inc. $AXGN

Key Points

• First Light Asset Management reduced its AxoGen stake by 23.5%, selling 1.23 million shares during the first quarter but retaining 4.0 million shares worth $132.6 million. AxoGen remains the firm’s largest holding and represents 11.9% of its portfolio.
• Institutional ownership stands at 80.29%, with several major investors—including Balyasny Asset Management, Wasatch Advisors and Millennium Management—substantially increasing their positions.
• AxoGen reported quarterly revenue of $61.46 million, exceeding estimates, but EPS of $0.07 missed expectations of $0.12 and the company remains unprofitable. Analysts maintain a consensus “Moderate Buy” rating with a $46.50 price target, while insiders sold about $1.27 million of stock in the latest quarter.

First Light Asset Management LLC lowered its position in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 23.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,002,768 shares of the medical equipment provider's stock after selling 1,230,558 shares during the quarter. AxoGen comprises 11.9% of First Light Asset Management LLC's portfolio, making the stock its largest position. First Light Asset Management LLC owned approximately 7.53% of AxoGen worth $132,612,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Balyasny Asset Management L.P. increased its holdings in shares of AxoGen by 183.9% in the 2nd 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 acquiring an additional 1,250,968 shares during the last quarter. Wasatch Advisors LP lifted its stake in AxoGen by 101.1% during the first quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider's stock worth $61,534,000 after purchasing an additional 933,778 shares during the last quarter. Millennium Management LLC lifted its stake in AxoGen by 2,255.8% during the fourth quarter. Millennium Management LLC now owns 971,358 shares of the medical equipment provider's stock worth $31,793,000 after purchasing an additional 930,126 shares during the last quarter. Next Century Growth Investors LLC acquired a new position in AxoGen in the fourth quarter worth $26,180,000. Finally, Perceptive Advisors LLC acquired a new position in AxoGen in the fourth quarter worth $25,665,000. Institutional investors own 80.29% of the company's stock.

AxoGen Price Performance

Shares of AXGN opened at $39.49 on Monday. AxoGen, Inc. has a 12 month low of $12.39 and a 12 month high of $46.95. The company has a debt-to-equity ratio of 0.08, a current ratio of 7.10 and a quick ratio of 5.33. The stock has a fifty day moving average price of $42.18 and a 200 day moving average price of $37.09. The company has a market cap of $2.10 billion, a P/E ratio of -61.70 and a beta of 1.09.

AxoGen (NASDAQ:AXGN - Get Free Report) last posted its earnings results on Tuesday, April 28th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $61.46 million during the quarter, compared to the consensus estimate of $57.85 million. On average, research analysts forecast that AxoGen, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AXGN. Lake Street Capital increased their target price on shares of AxoGen from $40.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Raymond James Financial reaffirmed an "outperform" rating and issued a $48.00 price target on shares of AxoGen in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AxoGen in a research report on Friday, May 29th. HC Wainwright increased their price objective on shares of AxoGen from $39.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, Citizens Jmp raised their target price on shares of AxoGen from $42.00 to $50.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 29th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $46.50.

Insider Buying and Selling

In other news, Director Amy Mcbride Wendell sold 1,647 shares of AxoGen stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $42.60, for a total transaction of $70,162.20. Following the sale, the director owned 93,826 shares of the company's stock, valued at approximately $3,996,987.60. The trade was a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kathy Johnson Weiler sold 16,344 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $44.09, for a total value of $720,606.96. Following the transaction, the director owned 16,344 shares of the company's stock, valued at approximately $720,606.96. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,041 shares of company stock valued at $1,268,792 in the last quarter. Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.