Perkins Capital Management Inc. Cuts Position in AxoGen, Inc. $AXGN

Perkins Capital Management Inc. decreased its holdings in shares of AxoGen, Inc. (NASDAQ:AXGN) by 26.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 168,842 shares of the medical equipment provider’s stock after selling 59,492 shares during the period. AxoGen accounts for approximately 5.3% of Perkins Capital Management Inc.’s portfolio, making the stock its 3rd biggest position. Perkins Capital Management Inc.’s holdings in AxoGen were worth $5,594,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in AxoGen by 14.2% in the 1st quarter. Royal Bank of Canada now owns 38,043 shares of the medical equipment provider’s stock valued at $704,000 after buying an additional 4,723 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of AxoGen by 45.3% during the 1st quarter. AQR Capital Management LLC now owns 23,917 shares of the medical equipment provider’s stock worth $442,000 after buying an additional 7,453 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of AxoGen by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,185 shares of the medical equipment provider’s stock worth $466,000 after buying an additional 1,057 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of AxoGen by 104,810.0% in the 1st quarter. Jones Financial Companies Lllp now owns 10,491 shares of the medical equipment provider’s stock valued at $194,000 after acquiring an additional 10,481 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of AxoGen by 37.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 379,070 shares of the medical equipment provider’s stock valued at $4,113,000 after acquiring an additional 103,072 shares in the last quarter. Institutional investors own 80.29% of the company’s stock.

AxoGen Stock Performance

Shares of AXGN opened at $46.19 on Wednesday. The company has a market cap of $2.46 billion, a PE ratio of -72.17 and a beta of 1.12. The firm has a 50-day moving average of $41.81 and a 200-day moving average of $35.85. AxoGen, Inc. has a one year low of $10.58 and a one year high of $46.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 7.10 and a quick ratio of 5.33.

AxoGen (NASDAQ:AXGN) last issued its earnings results on Tuesday, April 28th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.05). AxoGen had a negative net margin of 13.21% and a negative return on equity of 9.63%. The firm had revenue of $61.46 million during the quarter, compared to the consensus estimate of $57.85 million. As a group, equities analysts forecast that AxoGen, Inc. will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John Johnson sold 11,050 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $43.26, for a total value of $478,023.00. Following the completion of the sale, the director directly owned 11,050 shares of the company’s stock, valued at $478,023. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Amy Mcbride Wendell sold 1,647 shares of AxoGen stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $42.60, for a total value of $70,162.20. Following the transaction, the director owned 93,826 shares of the company’s stock, valued at $3,996,987.60. This represents a 1.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,041 shares of company stock valued at $1,268,792 over the last 90 days. 2.44% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AXGN has been the topic of several analyst reports. Zacks Research upgraded AxoGen from a “strong sell” rating to a “hold” rating in a report on Friday, May 29th. Canaccord Genuity Group raised their price target on AxoGen from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings restated a “sell (d-)” rating on shares of AxoGen in a research note on Friday, May 29th. Citizens Jmp boosted their price target on AxoGen from $42.00 to $50.00 and gave the stock a “market outperform” rating in a research report on Wednesday, April 29th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $48.00 price objective on shares of AxoGen in a research note on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, AxoGen presently has an average rating of “Moderate Buy” and an average price target of $46.50.

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.