Wedbush Reiterates Buy Rating for AxoGen, Inc. (AXGN)
AxoGen, Inc. (NASDAQ:AXGN)‘s stock had its “buy” rating restated by analysts at Wedbush in a research note issued to investors on Tuesday. They presently have a $27.00 price target on the medical equipment provider’s stock, up from their previous price target of $22.00. Wedbush’s price target would suggest a potential upside of 5.06% from the company’s current price.
A number of other research firms have also recently weighed in on AXGN. Leerink Swann upped their price objective on shares of AxoGen from $23.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, November 2nd. Roth Capital reiterated a “buy” rating and issued a $21.00 target price (up from $18.00) on shares of AxoGen in a research report on Tuesday, September 12th. BidaskClub cut shares of AxoGen from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $18.00 target price on shares of AxoGen in a research report on Monday, August 21st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $24.40.
AxoGen (NASDAQ AXGN) opened at $25.70 on Tuesday. The company has a debt-to-equity ratio of 1.93, a current ratio of 3.55 and a quick ratio of 2.95. AxoGen has a 12-month low of $8.05 and a 12-month high of $26.45.
AxoGen (NASDAQ:AXGN) last posted its quarterly earnings data on Wednesday, November 1st. The medical equipment provider reported ($0.06) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The company had revenue of $16.05 million during the quarter, compared to analysts’ expectations of $15.55 million. AxoGen had a negative net margin of 24.74% and a negative return on equity of 91.00%. The firm’s quarterly revenue was up 43.2% compared to the same quarter last year. research analysts expect that AxoGen will post -0.33 earnings per share for the current fiscal year.
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In other news, Director Guido J. Neels sold 1,150,000 shares of the stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $19.74, for a total value of $22,701,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert James Rudelius sold 16,143 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $18.00, for a total transaction of $290,574.00. Following the completion of the sale, the director now owns 43,273 shares of the company’s stock, valued at $778,914. The disclosure for this sale can be found here. 9.33% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of AXGN. Bank of New York Mellon Corp raised its position in shares of AxoGen by 293.9% in the third quarter. Bank of New York Mellon Corp now owns 631,563 shares of the medical equipment provider’s stock valued at $12,222,000 after buying an additional 471,209 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of AxoGen by 238.7% in the second quarter. Russell Investments Group Ltd. now owns 611,678 shares of the medical equipment provider’s stock valued at $10,245,000 after purchasing an additional 431,057 shares during the period. Castleark Management LLC purchased a new stake in shares of AxoGen in the second quarter valued at about $5,426,000. Bamco Inc. NY purchased a new stake in shares of AxoGen in the third quarter valued at about $3,443,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of AxoGen in the first quarter valued at about $1,473,000. Institutional investors and hedge funds own 67.89% of the company’s stock.
AxoGen, Inc provides surgical solutions for peripheral nerve injuries. The companys surgical nerve repair solutions include Avance Nerve Graft, an off-the-shelf processed human nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site; AxoGuard Nerve Connector, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed nerves; and AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect injured peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments.
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