AxoGen (NASDAQ:AXGN) Stock Rating Raised to “Strong-Buy” at Barclays

AxoGen (NASDAQ:AXGN) was upgraded by investment analysts at Barclays to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

AXGN has been the subject of a number of other reports. Canaccord Genuity Group lifted their price objective on shares of AxoGen from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. HC Wainwright raised their price target on AxoGen from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Morgan Stanley cut AxoGen to a “hold” rating in a research report on Tuesday, September 29th. Lake Street Capital reissued a “buy” rating on shares of AxoGen in a report on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of AxoGen in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AxoGen currently has an average rating of “Moderate Buy” and an average target price of $51.70.

AxoGen Price Performance

NASDAQ AXGN opened at $36.18 on Tuesday. The company has a quick ratio of 5.04, a current ratio of 6.60 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.95 billion, a PE ratio of -53.21 and a beta of 1.17. AxoGen has a 52 week low of $15.27 and a 52 week high of $52.91. The firm’s 50-day simple moving average is $45.55 and its two-hundred day simple moving average is $41.90.

AxoGen (NASDAQ:AXGN) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.12 earnings per share 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 firm had revenue of $69.73 million during the quarter, compared to the consensus estimate of $67.10 million. Research analysts predict that AxoGen will post -0.44 earnings per share for the current year.

Insider Buying and Selling

In other AxoGen news, Director Joseph Tyndall sold 3,500 shares of AxoGen stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $49.70, for a total transaction of $173,950.00. Following the completion of the transaction, the director owned 10,650 shares in the company, valued at approximately $529,305. The trade was a 24.73% decrease in their ownership of the stock. The sale was disclosed in a 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 the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $48.42, for a total value of $646,552.26. Following the transaction, the director owned 107,976 shares of the company’s stock, valued at $5,228,197.92. The trade was a 11.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,503 shares of company stock worth $4,656,947 over the last three months. 2.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AxoGen

A number of institutional investors have recently made changes to their positions in the company. Artemis Investment Management LLP raised its holdings in 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 worth $74,659,000 after acquiring an additional 384,200 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of AxoGen in the second quarter worth $272,000. Tidal Investments LLC bought a new position in AxoGen in the second quarter valued at about $225,000. Arizona State Retirement System grew its stake in shares of AxoGen by 7.6% during the 2nd quarter. Arizona State Retirement System now owns 13,604 shares of the medical equipment provider’s stock valued at $628,000 after purchasing an additional 966 shares during the period. Finally, Nykredit A S purchased a new stake in shares of AxoGen during the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 80.29% of the company’s stock.

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.