Legal & General Group Plc Buys New Stake in AxoGen, Inc. $AXGN

Legal & General Group Plc purchased a new position in shares of AxoGen, Inc. (NASDAQ:AXGN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 154,060 shares of the medical equipment provider’s stock, valued at approximately $7,116,000. Legal & General Group Plc owned about 0.29% of AxoGen at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. MCF Advisors LLC acquired a new stake in shares of AxoGen during the 4th quarter worth about $30,000. Aquatic Capital Management LLC raised its holdings in AxoGen by 287.8% during the third quarter. Aquatic Capital Management LLC now owns 1,710 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 1,269 shares in the last quarter. Arax Advisory Partners raised its holdings in AxoGen by 362.4% during the fourth quarter. Arax Advisory Partners now owns 1,045 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 819 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of AxoGen during the 4th quarter worth approximately $36,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of AxoGen in the 4th quarter valued at $39,000. 80.29% of the stock is owned by institutional investors and hedge funds.

AxoGen Stock Down 3.2%

AXGN stock opened at $48.30 on Thursday. The company has a market cap of $2.60 billion, a price-to-earnings ratio of -71.03 and a beta of 1.16. The company has a fifty day moving average price of $45.09 and a 200 day moving average price of $39.90. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.60 and a quick ratio of 5.04. AxoGen, Inc. has a 12 month low of $15.24 and a 12 month high of $52.91.

AxoGen (NASDAQ:AXGN) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. AxoGen had a negative net margin of 13.36% and a negative return on equity of 8.90%. The company had revenue of $69.73 million for the quarter, compared to the consensus estimate of $67.10 million. Sell-side analysts expect that AxoGen, Inc. will post -0.45 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AXGN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AxoGen in a research report on Wednesday, August 26th. Canaccord Genuity Group raised their price objective on AxoGen from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. HC Wainwright boosted their target price on AxoGen from $50.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Truist Financial initiated coverage on AxoGen in a research report on Wednesday, August 26th. They issued a “buy” rating and a $60.00 target price for the company. Finally, Jefferies Financial Group restated a “buy” rating and set a $55.00 price target on shares of AxoGen in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.56.

Insider Activity at AxoGen

In other AxoGen news, Director Amy Mcbride Wendell sold 13,353 shares of AxoGen stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $48.42, for a total value of $646,552.26. Following the transaction, the director directly owned 107,976 shares in the company, valued at approximately $5,228,197.92. This trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marc A. Began sold 67,500 shares of AxoGen stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $47.34, for a total value of $3,195,450.00. Following the completion of the transaction, the executive vice president owned 50,135 shares in the company, valued at $2,373,390.90. This trade represents a 57.38% 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 have sold 95,003 shares of company stock worth $4,482,997 in the last quarter. Company insiders own 2.44% of the company’s stock.

AxoGen 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.