Tocqueville Asset Management L.P. Takes $8.03 Million Position in AxoGen, Inc. $AXGN

Key Points

• Tocqueville Asset Management initiated an approximately $8.03 million position in AxoGen, purchasing 173,900 shares, while institutional investors collectively own 80.29% of the company.
• AxoGen reported quarterly revenue of $69.73 million and adjusted earnings of $0.12 per share, matching expectations on earnings and exceeding revenue estimates; however, the company remains unprofitable, with analysts forecasting a full-year loss.
• Analysts maintain a broadly positive outlook, with a “Moderate Buy” consensus rating and a $51 average price target versus a recent share price of $48.93. Meanwhile, insiders sold roughly $4.48 million of stock over the last quarter under pre-arranged trading plans.

Tocqueville Asset Management L.P. purchased a new stake in AxoGen, Inc. (NASDAQ:AXGN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 173,900 shares of the medical equipment provider's stock, valued at approximately $8,032,000. Tocqueville Asset Management L.P. owned 0.32% of AxoGen as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in AxoGen during the 2nd quarter worth approximately $204,123,000. Deutsche Bank AG bought a new position in shares of AxoGen in the second quarter valued at $30,106,000. Rice Hall James & Associates LLC bought a new position in AxoGen in the 2nd quarter valued at about $3,414,000. TimesSquare Capital Management LLC bought a new position in shares of AxoGen in the second quarter valued at approximately $31,863,000. Finally, IMC Chicago LLC purchased a new position in AxoGen during the 2nd quarter worth $386,000. 80.29% of the stock is currently owned by institutional investors.

AxoGen Price Performance

Shares of AxoGen stock opened at $48.93 on Thursday. The business's 50 day simple moving average is $43.88 and its two-hundred day simple moving average is $38.79. AxoGen, Inc. has a one year low of $13.64 and a one year high of $50.66. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. The stock has a market capitalization of $2.63 billion, a P/E ratio of -71.95 and a beta of 1.11.

AxoGen (NASDAQ:AXGN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share for the quarter, meeting the consensus estimate of $0.12. The business had revenue of $69.73 million during the quarter, compared to analysts' expectations of $67.10 million. AxoGen had a negative net margin of 13.36% and a negative return on equity of 8.90%. Analysts forecast that AxoGen, Inc. will post -0.45 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Truist Financial set a $55.00 target price on AxoGen in a research note on Thursday, July 30th. Jefferies Financial Group reiterated a "buy" rating and issued a $55.00 target price on shares of AxoGen in a research note on Wednesday, July 29th. Citizens Jmp lifted their price target on AxoGen from $50.00 to $55.00 and gave the company a "market outperform" rating in a research report on Thursday, July 30th. Citigroup reaffirmed a "market outperform" rating on shares of AxoGen in a report on Thursday, July 30th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $48.00 price target on shares of AxoGen in a report on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Buying and Selling

In related news, Director Kathy Johnson Weiler sold 14,150 shares of the firm's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $45.30, for a total value of $640,995.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Mcbride Wendell sold 13,353 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $48.42, for a total transaction of $646,552.26. Following the completion of the sale, the director directly owned 107,976 shares of the company's stock, valued at approximately $5,228,197.92. This represents a 11.01% 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. Insiders sold 95,003 shares of company stock valued at $4,482,997 over the last quarter. 2.44% of the stock is owned by company insiders.

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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