Short Interest in AxoGen, Inc. (NASDAQ:AXGN) Drops By 7.3%

AxoGen, Inc. (NASDAQ:AXGN) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 1,010,000 shares, a drop of 7.3% from the November 30th total of 1,090,000 shares. Based on an average daily volume of 356,700 shares, the short-interest ratio is presently 2.8 days.

AxoGen Stock Performance

Shares of AXGN traded down $0.07 during mid-day trading on Tuesday, reaching $16.42. The company had a trading volume of 216,165 shares, compared to its average volume of 390,719. The stock has a market capitalization of $722.61 million, a P/E ratio of -51.31 and a beta of 1.06. AxoGen has a 52-week low of $5.55 and a 52-week high of $17.23. The stock has a 50 day moving average of $14.25 and a two-hundred day moving average of $12.17. The company has a quick ratio of 2.47, a current ratio of 3.74 and a debt-to-equity ratio of 0.67.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of AxoGen from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, AxoGen presently has an average rating of “Buy” and a consensus target price of $15.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of AxoGen by 9.4% in the second quarter. Bank of New York Mellon Corp now owns 160,892 shares of the medical equipment provider’s stock valued at $1,165,000 after purchasing an additional 13,798 shares during the last quarter. Rhumbline Advisers increased its stake in shares of AxoGen by 6.2% in the 2nd quarter. Rhumbline Advisers now owns 58,157 shares of the medical equipment provider’s stock worth $421,000 after acquiring an additional 3,380 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of AxoGen in the 2nd quarter worth $125,000. Koss Olinger Consulting LLC purchased a new position in shares of AxoGen during the 2nd quarter worth $75,000. Finally, Rice Hall James & Associates LLC boosted its position in shares of AxoGen by 26.8% during the 2nd quarter. Rice Hall James & Associates LLC now owns 194,269 shares of the medical equipment provider’s stock valued at $1,407,000 after acquiring an additional 41,095 shares during the last quarter. Hedge funds and other institutional investors own 80.29% of the company’s stock.

About AxoGen

AxoGen, Inc, together with its subsidiaries, develops and commercializes technologies for peripheral nerve regeneration and repair worldwide. The company’s products include Avance Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral 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 peripheral nerves; AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect damaged peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments; and Axoguard HA+ Nerve Protector, a processed porcine submucosa ECM base layer with a hyaluronate-alginate gel coating designed to provide short- and long-term protection for peripheral nerve injuries.