Bank of America Initiates Coverage on AxoGen (NASDAQ:AXGN)

Equities researchers at Bank of America assumed coverage on shares of AxoGen (NASDAQ:AXGN) in a report released on Monday, Marketbeat reports. The firm set a “buy” rating and a $52.00 price target on the medical equipment provider’s stock. Bank of America‘s target price indicates a potential upside of 43.77% from the company’s previous close.

A number of other research analysts have also commented on AXGN. Citizens Jmp raised their price objective on shares of AxoGen from $50.00 to $55.00 and gave the company a “market outperform” rating in a research note on Thursday, July 30th. Jefferies Financial Group restated a “buy” rating and issued a $55.00 target price on shares of AxoGen in a research report on Wednesday, July 29th. Barclays assumed coverage on AxoGen in a research note on Tuesday, October 6th. They set an “overweight” rating and a $55.00 price target for the company. Raymond James Financial increased their price target on AxoGen from $48.00 to $53.00 and gave the company an “outperform” rating in a research note on Friday, September 25th. Finally, Lake Street Capital reissued a “buy” rating on shares of AxoGen in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, AxoGen currently has an average rating of “Moderate Buy” and a consensus target price of $51.73.

AxoGen Stock Down 2.5%

AxoGen stock opened at $36.17 on Monday. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -53.19 and a beta of 1.17. The company has a current ratio of 6.60, a quick ratio of 5.04 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $45.06 and its two-hundred day moving average price is $41.99. AxoGen has a 52 week low of $15.27 and a 52 week high of $52.91.

AxoGen (NASDAQ:AXGN) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. The company had revenue of $69.73 million for the quarter, compared to the consensus estimate of $67.10 million. AxoGen had a negative net margin of 13.36% and a negative return on equity of 8.90%. On average, analysts expect that AxoGen will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at AxoGen

In related news, Director Kathy Weiler sold 14,150 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $45.30, for a total transaction of $640,995.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy 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 transaction of $646,552.26. Following the completion of the transaction, the director owned 107,976 shares in the company, valued at approximately $5,228,197.92. This trade represents a 11.01% decrease in their position. 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. Over the last 90 days, insiders sold 98,503 shares of company stock worth $4,656,947. 2.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AxoGen

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of AxoGen during the second quarter worth $204,123,000. Artemis Investment Management LLP boosted its position in shares of AxoGen by 27.5% in the 3rd quarter. Artemis Investment Management LLP now owns 1,780,992 shares of the medical equipment provider’s stock valued at $74,659,000 after purchasing an additional 384,200 shares during the period. Wellington Management Group LLP boosted its position in shares of AxoGen by 44.3% in the 2nd quarter. Wellington Management Group LLP now owns 1,391,654 shares of the medical equipment provider’s stock valued at $64,280,000 after purchasing an additional 427,089 shares during the period. Wasatch Advisors LP boosted its position in shares of AxoGen by 101.1% in the 1st quarter. Wasatch Advisors LP now owns 1,857,350 shares of the medical equipment provider’s stock valued at $61,534,000 after purchasing an additional 933,778 shares during the period. Finally, Bamco Inc. NY purchased a new position in AxoGen in the 2nd quarter worth about $34,190,000. 80.29% of the stock is owned by institutional investors.

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.