AxoGen (AXGN) Shares Up 5.3%

AxoGen, Inc (NASDAQ:AXGN)’s share price shot up 5.3% on Thursday . The stock traded as high as $34.21 and last traded at $33.61. 626,562 shares changed hands during mid-day trading, an increase of 42% from the average session volume of 440,275 shares. The stock had previously closed at $31.92.

Several brokerages recently weighed in on AXGN. BidaskClub lowered shares of AxoGen from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 12th. Cantor Fitzgerald restated a “buy” rating and issued a $45.00 price objective on shares of AxoGen in a report on Thursday, August 9th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. AxoGen currently has an average rating of “Buy” and an average price target of $44.67.

The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -107.37 and a beta of -0.39.

AxoGen (NASDAQ:AXGN) last announced its quarterly earnings data on Wednesday, August 1st. The medical equipment provider reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). AxoGen had a negative net margin of 24.96% and a negative return on equity of 26.50%. The business had revenue of $20.58 million during the quarter, compared to analyst estimates of $21.25 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. The company’s quarterly revenue was up 35.7% on a year-over-year basis. Equities research analysts expect that AxoGen, Inc will post -0.61 earnings per share for the current fiscal year.

In other news, Director Amy Mcbride Wendell bought 5,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were bought at an average cost of $36.89 per share, for a total transaction of $184,450.00. Following the completion of the acquisition, the director now owns 18,333 shares in the company, valued at approximately $676,304.37. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 7.86% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC raised its holdings in AxoGen by 12.4% in the second quarter. Renaissance Technologies LLC now owns 998,300 shares of the medical equipment provider’s stock worth $50,165,000 after purchasing an additional 110,500 shares during the period. Pier Capital LLC acquired a new stake in AxoGen in the second quarter worth $7,670,000. Fiera Capital Corp acquired a new stake in AxoGen in the second quarter worth $1,206,000. Mckinley Capital Management LLC Delaware acquired a new stake in AxoGen in the second quarter worth $156,000. Finally, Wells Fargo & Company MN raised its holdings in AxoGen by 8.6% in the second quarter. Wells Fargo & Company MN now owns 772,422 shares of the medical equipment provider’s stock worth $38,814,000 after purchasing an additional 61,011 shares during the period. Institutional investors own 82.99% of the company’s stock.

About AxoGen (NASDAQ:AXGN)

AxoGen, Inc develops and markets surgical solutions for peripheral nerve injuries. The company's surgical solutions include Avance Nerve Graft, an off-the-shelf processed human nerve allograft for bridging severed 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 nerves; and 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.

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