AxoGen, Inc. (NASDAQ:AXGN) Sees Significant Decrease in Short Interest

AxoGen, Inc. (NASDAQ:AXGN) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totalling 1,630,000 shares, a decline of 17.7% from the August 31st total of 1,980,000 shares. Based on an average daily volume of 446,700 shares, the days-to-cover ratio is presently 3.6 days.

AxoGen Stock Performance

AXGN stock traded down $0.01 during midday trading on Friday, hitting $13.79. 265,409 shares of the company traded hands, compared to its average volume of 402,983. AxoGen has a twelve month low of $3.45 and a twelve month high of $15.08. The stock has a market capitalization of $602.69 million, a price-to-earnings ratio of -27.58 and a beta of 1.12. The company has a quick ratio of 2.32, a current ratio of 3.51 and a debt-to-equity ratio of 0.70. The business has a 50 day simple moving average of $11.83 and a 200-day simple moving average of $8.80.

AxoGen (NASDAQ:AXGN) last posted its earnings results on Thursday, August 8th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The business had revenue of $47.91 million for the quarter, compared to analyst estimates of $43.27 million. AxoGen had a negative net margin of 9.53% and a negative return on equity of 17.30%. As a group, equities research analysts predict that AxoGen will post -0.33 earnings per share for the current year.

Hedge Funds Weigh In On AxoGen

A number of institutional investors have recently made changes to their positions in AXGN. Keeley Teton Advisors LLC increased its position in AxoGen by 135.3% in the 4th quarter. Keeley Teton Advisors LLC now owns 84,725 shares of the medical equipment provider’s stock worth $579,000 after buying an additional 48,725 shares during the period. BNP Paribas Financial Markets increased its position in AxoGen by 8.6% during the first quarter. BNP Paribas Financial Markets now owns 20,820 shares of the medical equipment provider’s stock worth $168,000 after acquiring an additional 1,651 shares during the period. Roubaix Capital LLC bought a new position in AxoGen during the first quarter worth $351,000. Lazard Asset Management LLC raised its stake in AxoGen by 30.1% during the 1st quarter. Lazard Asset Management LLC now owns 11,539 shares of the medical equipment provider’s stock valued at $93,000 after purchasing an additional 2,671 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in AxoGen by 8.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,650 shares of the medical equipment provider’s stock valued at $240,000 after purchasing an additional 2,204 shares during the period. 80.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AXGN. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 price target on shares of AxoGen in a report on Thursday, June 20th. JMP Securities lifted their target price on shares of AxoGen from $17.00 to $20.00 and gave the company a “market outperform” rating in a research note on Friday, August 9th. Raymond James initiated coverage on shares of AxoGen in a research note on Monday, July 1st. They set an “outperform” rating and a $13.00 price target on the stock. Finally, StockNews.com upgraded shares of AxoGen from a “hold” rating to a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $13.80.

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.