Wasatch Advisors LP Purchases 933,778 Shares of AxoGen, Inc. $AXGN

Key Points

• Wasatch Advisors LP more than doubled its stake in AxoGen during the first quarter, adding 933,778 shares to bring its total holding to 1,857,350 shares worth about $61.5 million.
• Several other institutional investors also increased or initiated positions in AXGN, and institutional ownership now stands at 80.29% of the company.
• Analyst sentiment remains mostly positive, with a consensus rating of Moderate Buy and an average price target of $46.50, even though AxoGen recently missed EPS estimates in its latest quarterly report.

Wasatch Advisors LP raised its position in shares of AxoGen, Inc. (NASDAQ:AXGN - Free Report) by 101.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,857,350 shares of the medical equipment provider's stock after acquiring an additional 933,778 shares during the period. Wasatch Advisors LP owned approximately 3.58% of AxoGen worth $61,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AXGN. First Eagle Investment Management LLC raised its stake in AxoGen by 142.7% during the third quarter. First Eagle Investment Management LLC now owns 431,843 shares of the medical equipment provider's stock valued at $7,704,000 after purchasing an additional 253,888 shares in the last quarter. Stephens Investment Management Group LLC purchased a new position in shares of AxoGen in the 4th quarter worth $5,043,000. Royce & Associates LP purchased a new position in shares of AxoGen in the 3rd quarter worth $3,587,000. Fox Run Management L.L.C. bought a new stake in shares of AxoGen in the 3rd quarter worth about $297,000. Finally, SG Americas Securities LLC increased its holdings in shares of AxoGen by 459.9% in the 4th quarter. SG Americas Securities LLC now owns 65,480 shares of the medical equipment provider's stock worth $2,143,000 after buying an additional 53,786 shares during the last quarter. 80.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AxoGen

In related news, Director Amy Mcbride Wendell sold 1,647 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $42.60, for a total transaction of $70,162.20. Following the completion of the transaction, the director owned 93,826 shares in the company, valued at $3,996,987.60. The trade was a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kathy Johnson Weiler sold 16,344 shares of the business's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $44.09, for a total value of $720,606.96. Following the transaction, the director owned 16,344 shares of the company's stock, valued at approximately $720,606.96. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,041 shares of company stock worth $1,268,792 over the last 90 days. Company insiders own 2.44% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on AXGN shares. Wall Street Zen downgraded shares of AxoGen from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Wells Fargo & Company boosted their price objective on AxoGen from $40.00 to $48.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Lake Street Capital upped their price objective on AxoGen from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Zacks Research upgraded AxoGen from a "strong sell" rating to a "hold" rating in a research report on Friday, May 29th. Finally, Citizens Jmp raised their price objective on AxoGen from $42.00 to $50.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, AxoGen has an average rating of "Moderate Buy" and a consensus target price of $46.50.

AxoGen Trading Up 1.0%

Shares of AXGN opened at $44.93 on Friday. The company's fifty day simple moving average is $41.50 and its 200-day simple moving average is $35.60. The company has a market cap of $2.39 billion, a P/E ratio of -70.20 and a beta of 1.12. The company has a current ratio of 7.10, a quick ratio of 5.33 and a debt-to-equity ratio of 0.08. AxoGen, Inc. has a twelve month low of $10.20 and a twelve month high of $46.00.

AxoGen (NASDAQ:AXGN - Get Free Report) last released its quarterly earnings results 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). AxoGen had a negative return on equity of 9.63% and a negative net margin of 13.21%.The firm had revenue of $61.46 million for the quarter, compared to analysts' expectations of $57.85 million. As a group, analysts expect that AxoGen, Inc. will post -0.37 EPS for the current year.

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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