Perkins Capital Management Inc. Trims Stock Holdings in AxoGen, Inc. $AXGN

Key Points

• Perkins Capital Management cut its AxoGen stake by 26.1% in the first quarter, selling 59,492 shares and ending with 168,842 shares valued at about $5.59 million.
• Insider selling also stood out, with directors Kathy Johnson Weiler and John Johnson selling shares in May; insiders sold 29,041 shares worth about $1.27 million over the last 90 days.
• AxoGen’s stock has rallied near its 52-week high, but its latest earnings missed EPS estimates even as revenue topped forecasts. Analysts remain mostly positive, with a consensus rating of “Moderate Buy” and an average price target of $46.50.

Perkins Capital Management Inc. reduced its stake in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 26.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,842 shares of the medical equipment provider's stock after selling 59,492 shares during the quarter. AxoGen comprises 5.3% of Perkins Capital Management Inc.'s portfolio, making the stock its 3rd biggest position. Perkins Capital Management Inc. owned 0.33% of AxoGen worth $5,594,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. MCF Advisors LLC bought a new position in AxoGen during the 4th quarter worth approximately $30,000. Aquatic Capital Management LLC grew its holdings in AxoGen by 287.8% during the third quarter. Aquatic Capital Management LLC now owns 1,710 shares of the medical equipment provider's stock valued at $31,000 after purchasing an additional 1,269 shares during the period. Arax Advisory Partners increased its stake in AxoGen by 362.4% in the fourth quarter. Arax Advisory Partners now owns 1,045 shares of the medical equipment provider's stock valued at $34,000 after purchasing an additional 819 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in AxoGen in the fourth quarter valued at approximately $36,000. Finally, Kestra Advisory Services LLC acquired a new stake in AxoGen in the fourth quarter worth $39,000. 80.29% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Kathy Johnson Weiler sold 16,344 shares of the company's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $44.09, for a total transaction 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 represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Johnson sold 11,050 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $478,023. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 29,041 shares of company stock valued at $1,268,792. Company insiders own 2.44% of the company's stock.

AxoGen Stock Performance

Shares of AXGN opened at $46.19 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.33 and a current ratio of 7.10. AxoGen, Inc. has a twelve month low of $10.58 and a twelve month high of $46.26. The firm's 50 day moving average price is $41.81 and its two-hundred day moving average price is $35.85. The firm has a market cap of $2.46 billion, a P/E ratio of -72.17 and a beta of 1.12.

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

Analysts Set New Price Targets

AXGN has been the topic of a number of recent analyst reports. Citizens Jmp lifted their price target on shares of AxoGen from $42.00 to $50.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 29th. Raymond James Financial restated an "outperform" rating and issued a $48.00 price objective on shares of AxoGen in a research report on Wednesday, April 29th. Lake Street Capital lifted their target price on AxoGen from $40.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Zacks Research upgraded AxoGen from a "strong sell" rating to a "hold" rating in a report on Friday, May 29th. Finally, Wells Fargo & Company boosted their target price on AxoGen from $40.00 to $48.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Nine 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. According to MarketBeat.com, AxoGen currently has an average rating of "Moderate Buy" and a consensus target price of $46.50.

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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