AxoGen (NASDAQ:AXGN) Shares Gap Down Following Weak Earnings

AxoGen, Inc. (NASDAQ:AXGN) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $41.15, but opened at $38.31. AxoGen shares last traded at $44.5120, with a volume of 317,776 shares trading hands.

The medical equipment provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.15). AxoGen had a negative return on equity of 9.63% and a negative net margin of 13.21%.

Analysts Set New Price Targets

AXGN has been the topic of a number of research analyst reports. Lake Street Capital raised their target price on AxoGen from $40.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. HC Wainwright boosted their price target on AxoGen from $39.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Company lifted their target price on AxoGen from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Canaccord Genuity Group boosted their target price on AxoGen from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of AxoGen in a report on Friday, May 29th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.50.

Insider Buying and Selling

In other news, Director Kathy Johnson Weiler sold 16,344 shares of AxoGen stock in a transaction dated Thursday, May 7th. The stock was 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 trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Amy Mcbride Wendell sold 1,647 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $42.60, for a total value of $70,162.20. Following the sale, the director owned 93,826 shares in the company, valued at approximately $3,996,987.60. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,041 shares of company stock worth $1,268,792 in the last 90 days. Insiders own 2.44% of the company’s stock.

Institutional Investors Weigh In On AxoGen

Hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. boosted its position in AxoGen by 183.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider’s stock worth $20,953,000 after buying an additional 1,250,968 shares during the period. Wasatch Advisors LP increased its position in AxoGen by 101.1% in the 1st quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider’s stock valued at $61,534,000 after acquiring an additional 933,778 shares during the period. Millennium Management LLC raised its stake in shares of AxoGen by 2,255.8% during the fourth quarter. Millennium Management LLC now owns 971,358 shares of the medical equipment provider’s stock valued at $31,793,000 after acquiring an additional 930,126 shares during the last quarter. Next Century Growth Investors LLC bought a new position in shares of AxoGen during the fourth quarter valued at $26,180,000. Finally, Perceptive Advisors LLC acquired a new position in shares of AxoGen during the fourth quarter worth $25,665,000. 80.29% of the stock is currently owned by institutional investors and hedge funds.

AxoGen Trading Up 7.4%

The company has a debt-to-equity ratio of 0.08, a current ratio of 7.10 and a quick ratio of 5.33. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -69.55 and a beta of 1.09. The business’s fifty day moving average price is $42.13 and its 200 day moving average price is $37.22.

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.