AxoGen (NASDAQ:AXGN) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of AxoGen (NASDAQ:AXGN) from a hold rating to a buy rating in a research note released on Tuesday morning.

AXGN has been the subject of several other reports. JMP Securities boosted their price target on shares of AxoGen from $17.00 to $20.00 and gave the stock a market outperform rating in a research note on Friday, August 9th. Raymond James assumed coverage on AxoGen in a research note on Monday, July 1st. They issued an outperform rating and a $13.00 target price for the company. Finally, Canaccord Genuity Group restated a buy rating and set a $15.00 price target on shares of AxoGen in a research report on Thursday, June 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AxoGen has a consensus rating of Buy and a consensus target price of $13.80.

AxoGen Price Performance

Shares of AxoGen stock opened at $14.35 on Tuesday. The firm has a market capitalization of $627.17 million, a PE ratio of -28.70 and a beta of 1.13. The company has a current ratio of 3.51, a quick ratio of 2.32 and a debt-to-equity ratio of 0.70. AxoGen has a 12 month low of $3.45 and a 12 month high of $15.08. The business’s 50-day moving average price is $13.08 and its 200-day moving average price is $9.34.

AxoGen (NASDAQ:AXGN) last issued its earnings results on Thursday, August 8th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $47.91 million during the quarter, compared to analyst estimates of $43.27 million. AxoGen had a negative return on equity of 17.30% and a negative net margin of 9.53%. Sell-side analysts forecast that AxoGen will post -0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On AxoGen

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Light Asset Management LLC increased its position in AxoGen by 336.6% during the 2nd quarter. First Light Asset Management LLC now owns 3,344,033 shares of the medical equipment provider’s stock valued at $24,211,000 after purchasing an additional 2,578,147 shares during the period. Assenagon Asset Management S.A. increased its position in shares of AxoGen by 2,014.6% during the second quarter. Assenagon Asset Management S.A. now owns 1,310,811 shares of the medical equipment provider’s stock valued at $9,490,000 after buying an additional 1,248,823 shares during the period. Divisadero Street Capital Management LP increased its position in shares of AxoGen by 587.2% during the second quarter. Divisadero Street Capital Management LP now owns 686,994 shares of the medical equipment provider’s stock valued at $4,974,000 after buying an additional 587,024 shares during the period. Kent Lake Capital LLC bought a new position in AxoGen in the first quarter worth about $1,617,000. Finally, Roubaix Capital LLC purchased a new stake in AxoGen in the first quarter worth about $351,000. 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.