AxoGen (NASDAQ:AXGN) Trading 4.8% Higher – Here’s What Happened

AxoGen, Inc. (NASDAQ:AXGN)’s stock price rose 4.8% during mid-day trading on Tuesday . The company traded as high as $18.86 and last traded at $19.03. Approximately 110,542 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 399,428 shares. The stock had previously closed at $18.15.

Analyst Upgrades and Downgrades

Several research analysts have commented on AXGN shares. Cantor Fitzgerald restated an “overweight” rating and set a $24.00 price objective on shares of AxoGen in a research report on Wednesday, March 5th. Canaccord Genuity Group boosted their price target on AxoGen from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Finally, Lake Street Capital began coverage on AxoGen in a research note on Monday, March 17th. They issued a “buy” rating and a $30.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.60.

AxoGen Price Performance

The business’s 50-day simple moving average is $18.26 and its two-hundred day simple moving average is $15.77. The stock has a market cap of $833.67 million, a price-to-earnings ratio of -58.75 and a beta of 1.02. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.74 and a quick ratio of 2.47.

Insider Activity at AxoGen

In related news, insider Erick Wayne Devinney sold 15,111 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $17.50, for a total value of $264,442.50. Following the completion of the transaction, the insider now owns 217,762 shares in the company, valued at $3,810,835. This trade represents a 6.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Mcbride Wendell sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $20.02, for a total transaction of $100,100.00. Following the sale, the director now directly owns 97,899 shares in the company, valued at $1,959,937.98. The trade was a 4.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of AxoGen

Institutional investors and hedge funds have recently bought and sold shares of the stock. R Squared Ltd bought a new position in AxoGen during the fourth quarter worth $30,000. US Bancorp DE bought a new position in AxoGen in the 4th quarter valued at about $30,000. State of Wyoming bought a new stake in AxoGen during the 4th quarter worth approximately $31,000. Quest Partners LLC raised its position in AxoGen by 23,066.7% in the 3rd quarter. Quest Partners LLC now owns 2,085 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 2,076 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of AxoGen during the fourth quarter valued at about $93,000. 80.29% of the stock is currently owned by institutional investors and hedge funds.

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.