Royce & Associates LP Has $5.50 Million Holdings in AxoGen, Inc. $AXGN

Key Points

• Royce & Associates LP reduced its AxoGen stake by 16.4% in the fourth quarter, but still held 168,039 shares valued at about $5.5 million at the end of the period.
• AxoGen reported mixed quarterly results: revenue of $61.46 million topped expectations, but EPS of $0.07 missed the consensus estimate of $0.12. Analysts now expect the company to post a full-year loss of about $0.30 per share.
• Insider selling has been notable, with directors and insiders selling 34,262 shares worth $1.44 million over the last three months. Despite that, analysts remain mostly constructive, with a consensus rating of Moderate Buy and an average price target of $46.50.

Royce & Associates LP lessened its stake in AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 16.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 168,039 shares of the medical equipment provider's stock after selling 33,005 shares during the quarter. Royce & Associates LP owned 0.36% of AxoGen worth $5,500,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aquatic Capital Management LLC boosted its holdings in shares of AxoGen by 287.8% in the third quarter. Aquatic Capital Management LLC now owns 1,710 shares of the medical equipment provider's stock valued at $31,000 after buying an additional 1,269 shares during the period. Torren Management LLC acquired a new position in shares of AxoGen in the fourth quarter valued at approximately $88,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of AxoGen in the fourth quarter valued at approximately $98,000. FNY Investment Advisers LLC acquired a new position in shares of AxoGen in the third quarter valued at approximately $64,000. Finally, Chung Wu Investment Group LLC acquired a new position in shares of AxoGen in the fourth quarter valued at approximately $131,000. Institutional investors and hedge funds own 80.29% of the company's stock.

AxoGen Stock Performance

Shares of AXGN stock opened at $39.48 on Friday. The company's fifty day simple moving average is $37.45 and its 200-day simple moving average is $33.37. The company has a quick ratio of 5.33, a current ratio of 7.10 and a debt-to-equity ratio of 0.08. The firm has a market cap of $2.10 billion, a PE ratio of -61.69 and a beta of 1.17. AxoGen, Inc. has a 12 month low of $9.22 and a 12 month high of $45.83.

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 analysts' consensus estimates of $0.12 by ($0.05). The business had revenue of $61.46 million during 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%. Equities research analysts expect that AxoGen, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity

In other AxoGen news, Director Kathy Johnson Weiler sold 16,344 shares of the company's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $44.09, for a total transaction of $720,606.96. Following the sale, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Erick Wayne Devinney sold 5,221 shares of the company's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $32.84, for a total transaction of $171,457.64. Following the sale, the insider directly owned 262,781 shares in the company, valued at $8,629,728.04. This trade represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 34,262 shares of company stock valued at $1,440,250. 2.44% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on AXGN. HC Wainwright upped their price target on shares of AxoGen from $39.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Citigroup reiterated an "outperform" rating on shares of AxoGen in a report on Wednesday, April 29th. Zacks Research cut shares of AxoGen from a "hold" rating to a "strong sell" rating in a report on Monday, April 27th. Wall Street Zen upgraded shares of AxoGen from a "hold" rating to a "buy" rating in a report on Saturday, May 23rd. Finally, Raymond James Financial reissued an "outperform" rating and issued a $48.00 price objective on shares of AxoGen in a research report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $46.50.

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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