AxoGen (NASDAQ:AXGN) Hits New 1-Year High - What's Next?

Key Points

• AxoGen shares reached a new 52-week high, trading as high as $53.87, up from the previous close of $50.89.
• Analysts give the stock a “Moderate Buy” consensus rating, with an average price target of $57.92; recent targets include $60 from Canaccord Genuity and $58 from Lake Street Capital.
• The company beat quarterly expectations, reporting EPS of $0.21 versus $0.13 expected and revenue of $75.83 million versus a $73.45 million consensus.

AxoGen, Inc. (NASDAQ:AXGN - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $53.87 and last traded at $53.7260, with a volume of 963,946 shares changing hands. The stock had previously closed at $50.89.

Analyst Upgrades and Downgrades

Several research firms recently commented on AXGN. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AxoGen in a research report on Wednesday, August 26th. Bank of America initiated coverage on AxoGen in a research report on Monday, October 12th. They issued a "buy" rating and a $52.00 target price for the company. Lake Street Capital restated a "buy" rating and set a $58.00 target price on shares of AxoGen in a research note on Thursday, October 29th. Canaccord Genuity Group raised their price target on shares of AxoGen from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, October 29th. Finally, Morgan Stanley downgraded shares of AxoGen to a "hold" rating in a report on Tuesday, September 29th. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.92.

AxoGen Price Performance

The firm has a 50-day simple moving average of $42.77 and a 200-day simple moving average of $40.10. The firm has a market capitalization of $3.21 billion, a PE ratio of -82.62 and a beta of 1.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 12.02 and a quick ratio of 10.67.

AxoGen (NASDAQ:AXGN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.08. AxoGen had a negative net margin of 11.96% and a negative return on equity of 5.35%. The company had revenue of $75.83 million for the quarter, compared to the consensus estimate of $73.45 million. As a group, equities analysts forecast that AxoGen, Inc. will post -0.36 earnings per share for the current year.

Insider Activity

In related news, Director Joseph Tyndall sold 3,500 shares of the 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 sale, the director directly owned 10,650 shares of the company's stock, valued at approximately $529,305. This represents a 24.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.44% of the company's stock.

Hedge Funds Weigh In On AxoGen

Hedge funds have recently modified their holdings of the company. Stephens Investment Management Group LLC lifted its stake in shares of AxoGen by 336.8% during the 3rd quarter. Stephens Investment Management Group LLC now owns 1,130,854 shares of the medical equipment provider's stock valued at $47,405,000 after buying an additional 871,949 shares in the last quarter. Global Retirement Partners LLC raised its holdings in AxoGen by 2,822.7% during the third quarter. Global Retirement Partners LLC now owns 643 shares of the medical equipment provider's stock valued at $27,000 after acquiring an additional 621 shares during the period. White Pine Capital LLC purchased a new position in shares of AxoGen in the third quarter valued at about $1,812,000. Russell Investments Group Ltd. lifted its position in shares of AxoGen by 163.7% in the third quarter. Russell Investments Group Ltd. now owns 334,902 shares of the medical equipment provider's stock valued at $14,039,000 after acquiring an additional 207,916 shares in the last quarter. Finally, Lisanti Capital Growth LLC lifted its position in shares of AxoGen by 21.9% in the third quarter. Lisanti Capital Growth LLC now owns 110,420 shares of the medical equipment provider's stock valued at $4,629,000 after acquiring an additional 19,855 shares in the last quarter. 80.29% of the stock is currently owned by institutional investors.

AxoGen Company Profile

AxoGen, Inc. is a medical technology company focused on repairing peripheral nerve injuries—damage to nerves outside the brain and spinal cord. Its products are used by surgeons in procedures intended to restore nerve function and sensation. The company's offerings include Avance Nerve Graft, a processed human nerve allograft used to bridge gaps in damaged nerves, and Axoguard products designed to protect, connect or cap nerves during repair. Axogen also provides education and support for healthcare professionals who use its nerve-repair solutions.

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