AxoGen (NASDAQ:AXGN) Stock Rating Raised to “Strong-Buy” at Truist Financial

Truist Financial upgraded shares of AxoGen (NASDAQ:AXGN) to a strong-buy rating in a report issued on Thursday morning,Zacks reports.

Other analysts have also issued reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $55.00 price objective on shares of AxoGen in a research note on Wednesday, July 29th. Canaccord Genuity Group raised their target price on shares of AxoGen from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Citigroup restated a “market outperform” rating on shares of AxoGen in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AxoGen in a research report on Wednesday, August 26th. Finally, Citizens Jmp lifted their price objective on shares of AxoGen from $50.00 to $55.00 and gave the company a “market outperform” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.33.

AxoGen Stock Down 4.8%

Shares of NASDAQ:AXGN opened at $39.92 on Thursday. The business’s 50 day moving average is $45.98 and its 200 day moving average is $41.73. The stock has a market cap of $2.15 billion, a P/E ratio of -58.71 and a beta of 1.17. AxoGen has a 52-week low of $15.27 and a 52-week high of $52.91. The company has a quick ratio of 5.04, a current ratio of 6.60 and a debt-to-equity ratio of 0.07.

AxoGen (NASDAQ:AXGN) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.12. AxoGen had a negative return on equity of 8.90% and a negative net margin of 13.36%.The business had revenue of $69.73 million during the quarter, compared to analyst estimates of $67.10 million. Sell-side analysts predict that AxoGen will post -0.44 EPS for the current year.

Insider Activity

In related news, Director Joseph A. Tyndall sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $49.70, for a total transaction of $173,950.00. Following the completion of the transaction, the director owned 10,650 shares in the company, valued at $529,305. The trade was a 24.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marc A. Began sold 67,500 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $47.34, for a total transaction of $3,195,450.00. Following the completion of the sale, the executive vice president owned 50,135 shares of the company’s stock, valued at approximately $2,373,390.90. This trade represents a 57.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 valued at $4,656,947. Corporate insiders own 2.44% of the company’s stock.

Institutional Trading of AxoGen

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in AxoGen during the 2nd quarter valued at about $204,123,000. Wellington Management Group LLP grew its stake in shares of AxoGen by 44.3% during the second quarter. Wellington Management Group LLP now owns 1,391,654 shares of the medical equipment provider’s stock worth $64,280,000 after acquiring an additional 427,089 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of AxoGen by 101.1% during the first 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 in the last quarter. Bamco Inc. NY purchased a new position in shares of AxoGen in the 2nd quarter valued at approximately $34,190,000. Finally, TimesSquare Capital Management LLC purchased a new position in shares of AxoGen in the 2nd quarter valued at approximately $31,863,000. Hedge funds and other institutional investors own 80.29% of the company’s stock.

About AxoGen

AxoGen, Inc is a medical technology company focused on repairing and regenerating damaged peripheral nerves. The company develops and commercializes products for use by surgeons treating traumatic nerve injuries and other conditions in which nerve function has been compromised.

AxoGen’s product portfolio includes Avance Nerve Graft, a processed human nerve allograft designed to bridge gaps in damaged nerves without requiring tissue to be taken from another part of the patient’s body. Its offerings also include Axoguard Nerve Connector and Axoguard Nerve Protector products, which are designed to support nerve repair and protect nerves during healing, as well as other products for peripheral nerve reconstruction.

Founded in 2002, AxoGen is headquartered in Alachua, Florida.