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

AxoGen, Inc. (NASDAQ:AXGN) was the recipient of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,510,000 shares, a decrease of 18.4% from the February 28th total of 1,850,000 shares. Approximately 3.7% of the shares of the stock are sold short. Based on an average trading volume of 539,900 shares, the short-interest ratio is currently 2.8 days.

Insider Buying and Selling

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

Institutional Investors Weigh In On AxoGen

Hedge funds and other institutional investors have recently modified their holdings of the company. Driehaus Capital Management LLC boosted its position in AxoGen by 166.0% during the fourth quarter. Driehaus Capital Management LLC now owns 954,439 shares of the medical equipment provider’s stock worth $15,729,000 after acquiring an additional 595,579 shares during the last quarter. JPMorgan Chase & Co. increased its stake in AxoGen by 2,912.3% in the third quarter. JPMorgan Chase & Co. now owns 549,000 shares of the medical equipment provider’s stock valued at $7,697,000 after purchasing an additional 530,775 shares during the last quarter. First Light Asset Management LLC lifted its position in AxoGen by 10.2% during the fourth quarter. First Light Asset Management LLC now owns 4,506,795 shares of the medical equipment provider’s stock worth $74,272,000 after buying an additional 416,499 shares during the period. Parkman Healthcare Partners LLC acquired a new stake in AxoGen in the 3rd quarter worth about $5,789,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of AxoGen during the 4th quarter valued at about $4,943,000. 80.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AXGN has been the subject of a number of research analyst reports. Lake Street Capital started coverage on AxoGen in a research report on Monday, March 17th. They issued a “buy” rating and a $30.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $24.00 target price on shares of AxoGen in a research report on Wednesday, March 5th. Finally, Canaccord Genuity Group increased their price target on shares of AxoGen from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $22.60.

AxoGen Trading Up 0.8 %

Shares of AXGN stock opened at $18.50 on Tuesday. The company has a market capitalization of $820.36 million, a price-to-earnings ratio of -57.81 and a beta of 1.02. The company has a current ratio of 3.74, a quick ratio of 2.47 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average price of $18.28 and a 200 day moving average price of $15.90. AxoGen has a twelve month low of $5.55 and a twelve month high of $21.00.

AxoGen Company Profile

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.