HighMark Wealth Management LLC Acquires 158,855 Shares of AxoGen, Inc. $AXGN

Key Points

• HighMark Wealth Management increased its AxoGen stake by 85.8% in the fourth quarter, buying 158,855 shares and bringing its total to 343,940 shares valued at about $11.3 million.
• Wall Street analysts remain broadly constructive on AXGN, with several firms raising price targets to as high as $50 and the stock carrying a Moderate Buy consensus rating and $46.50 average price target.
• AxoGen reported quarterly EPS of $0.07, missing estimates, even as revenue came in above expectations at $61.46 million; meanwhile, insiders have been selling shares recently, including two directors in early May.

HighMark Wealth Management LLC lifted its holdings in AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 85.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 343,940 shares of the medical equipment provider's stock after purchasing an additional 158,855 shares during the quarter. AxoGen accounts for approximately 4.6% of HighMark Wealth Management LLC's investment portfolio, making the stock its 4th biggest holding. HighMark Wealth Management LLC owned 0.75% of AxoGen worth $11,257,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in AXGN. Aquatic Capital Management LLC lifted its position in AxoGen by 287.8% during the 3rd quarter. Aquatic Capital Management LLC now owns 1,710 shares of the medical equipment provider's stock worth $31,000 after buying an additional 1,269 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of AxoGen during the 3rd quarter worth about $43,000. Torren Management LLC bought a new position in shares of AxoGen in the 4th quarter valued at about $88,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of AxoGen in the fourth quarter valued at about $98,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of AxoGen in the third quarter valued at about $64,000. Institutional investors own 80.29% of the company's stock.

Wall Street Analysts Forecast Growth

AXGN has been the subject of several recent research reports. Wells Fargo & Company increased their price target on AxoGen from $40.00 to $48.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. HC Wainwright boosted their price target on AxoGen from $39.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Wall Street Zen cut AxoGen from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Canaccord Genuity Group increased their price objective on AxoGen from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, Zacks Research downgraded shares of AxoGen from a "hold" rating to a "strong sell" rating in a report on Monday, April 27th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, AxoGen has a consensus rating of "Moderate Buy" and a consensus price target of $46.50.

AxoGen Stock Performance

AXGN opened at $40.29 on Thursday. 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, Inc. has a 12-month low of $9.22 and a 12-month high of $45.83. The business has a 50 day moving average of $34.97 and a 200-day moving average of $31.81. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -62.95 and a beta of 1.17.

AxoGen (NASDAQ:AXGN - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The medical equipment provider reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.12 by ($0.05). The company had revenue of $61.46 million for the quarter, compared to the consensus estimate of $57.85 million. AxoGen had a negative return on equity of 9.63% and a negative net margin of 13.21%. On average, equities research analysts expect that AxoGen, Inc. will post -0.3 earnings per share for the current year.

Insider Activity at AxoGen

In other AxoGen news, Director Amy Mcbride Wendell sold 1,647 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $42.60, for a total transaction of $70,162.20. Following the completion of the sale, the director directly owned 93,826 shares in the company, valued at $3,996,987.60. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Johnson sold 11,050 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $43.26, for a total value of $478,023.00. Following the transaction, the director owned 11,050 shares in the company, valued at $478,023. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 34,262 shares of company stock valued at $1,440,250 in the last 90 days. Insiders own 2.44% of the company's stock.

AxoGen Profile

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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