The Manufacturers Life Insurance Company Makes New Investment in AxoGen, Inc. $AXGN

Key Points

• The Manufacturers Life Insurance Company acquired 26,382 AxoGen shares worth approximately $1.22 million in the second quarter. Institutional investors now own 80.29% of AXGN.
• AxoGen directors sold shares under pre-arranged Rule 10b5-1 plans, contributing to $4.66 million in insider sales over the past 90 days; insiders own 2.44% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $51.56. AxoGen’s latest quarterly revenue exceeded estimates, while the company remains unprofitable.

The Manufacturers Life Insurance Company acquired a new stake in AxoGen, Inc. (NASDAQ:AXGN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 26,382 shares of the medical equipment provider's stock, valued at approximately $1,219,000.

A number of other large investors have also recently made changes to their positions in AXGN. Connor Clark & Lunn Investment Management Ltd. purchased a new position in AxoGen in the second quarter worth approximately $3,100,000. Globeflex Capital L P purchased a new stake in shares of AxoGen during the 2nd quarter worth $2,702,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of AxoGen during the second quarter worth $3,746,000. Edmond DE Rothschild Holding S.A. purchased a new position in AxoGen in the second quarter valued at $1,469,000. Finally, Lisanti Capital Growth LLC purchased a new position in AxoGen in the second quarter valued at $4,183,000. 80.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AxoGen news, Director Kathy Weiler sold 14,150 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $45.30, for a total transaction of $640,995.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joseph A. Tyndall sold 3,500 shares of AxoGen stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $49.70, for a total value of $173,950.00. Following the completion of the transaction, the director owned 10,650 shares in the company, valued at $529,305. This trade represents a 24.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 98,503 shares of company stock worth $4,656,947. Corporate insiders own 2.44% of the company's stock.

AxoGen Stock Up 2.5%

Shares of NASDAQ:AXGN opened at $48.28 on Friday. The stock has a market cap of $2.60 billion, a P/E ratio of -71.00 and a beta of 1.16. The firm has a fifty day moving average price of $45.21 and a 200 day moving average price of $40.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. AxoGen, Inc. has a 1-year low of $15.27 and a 1-year high of $52.91.

AxoGen (NASDAQ:AXGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $0.12 EPS for the quarter, meeting analysts' consensus estimates of $0.12. AxoGen had a negative net margin of 13.36% and a negative return on equity of 8.90%. The company had revenue of $69.73 million for the quarter, compared to analyst estimates of $67.10 million. Sell-side analysts predict that AxoGen, Inc. will post -0.45 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AXGN. Truist Financial started coverage on AxoGen in a report on Wednesday, August 26th. They set a "buy" rating and a $60.00 price target for the company. Citizens Jmp increased their price objective on AxoGen from $50.00 to $55.00 and gave the company a "market outperform" rating in a report on Thursday, July 30th. Jefferies Financial Group reissued a "buy" rating and set a $55.00 target price on shares of AxoGen in a research report on Wednesday, July 29th. Canaccord Genuity Group boosted their target price on AxoGen from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of AxoGen in a report on Thursday, July 30th. Ten 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.56.

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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