Next Century Growth Investors LLC Takes $26.18 Million Position in AxoGen, Inc. $AXGN

Key Points

• Next Century Growth Investors opened a new position in AxoGen, buying 799,882 shares worth about $26.18 million, making AXGN its 11th largest holding and about 1.8% of its portfolio.
• Several other institutional investors also increased their AxoGen stakes, and hedge funds/institutions now own 80.29% of the company’s shares.
• Insiders recently sold shares, while analysts remain mixed overall: the stock has a Moderate Buy rating with an average price target of $46.50, though one firm downgraded it to hold and another reiterated a sell rating.

Next Century Growth Investors LLC bought a new stake in AxoGen, Inc. (NASDAQ:AXGN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 799,882 shares of the medical equipment provider's stock, valued at approximately $26,180,000. AxoGen accounts for approximately 1.8% of Next Century Growth Investors LLC's investment portfolio, making the stock its 11th largest position. Next Century Growth Investors LLC owned about 1.73% of AxoGen as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. First Light Asset Management LLC increased its holdings in 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 buying an additional 1,276,487 shares during the last quarter. Vanguard Group Inc. increased its holdings in 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 buying an additional 190,557 shares during the last quarter. Morgan Stanley increased its holdings in AxoGen by 6.5% in the fourth quarter. Morgan Stanley now owns 2,586,870 shares of the medical equipment provider's stock worth $84,668,000 after buying an additional 157,029 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in 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 buying an additional 332,498 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in AxoGen by 183.9% in the second quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider's stock worth $20,953,000 after buying an additional 1,250,968 shares during the last quarter. Institutional investors and hedge funds own 80.29% of the company's stock.

Insider Activity at AxoGen

In related news, Director Kathy Johnson Weiler sold 16,344 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 16,344 shares of the company's stock, valued at $720,606.96. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Johnson sold 11,050 shares of the firm's 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 completion of the transaction, the director directly owned 11,050 shares of the company's stock, valued at approximately $478,023. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 34,262 shares of company stock worth $1,440,250. Insiders own 2.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on AXGN shares. Wall Street Zen downgraded AxoGen from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Weiss Ratings restated a "sell (d-)" rating on shares of AxoGen in a report on Friday, May 29th. HC Wainwright increased their price objective on AxoGen from $39.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Wells Fargo & Company increased their price objective on AxoGen from $40.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Finally, Citizens Jmp increased their price objective on AxoGen from $42.00 to $50.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $46.50.

AxoGen Price Performance

NASDAQ AXGN opened at $43.00 on Friday. The company has a current ratio of 7.10, a quick ratio of 5.33 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $39.33 and a 200 day simple moving average of $34.56. The company has a market cap of $2.29 billion, a P/E ratio of -67.19 and a beta of 1.12. AxoGen, Inc. has a 1 year low of $9.22 and a 1 year high of $45.83.

AxoGen (NASDAQ:AXGN - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.05). The firm 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, sell-side analysts predict that AxoGen, Inc. will post -0.37 EPS for the current year.

AxoGen Company 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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