AxoGen (NASDAQ:AXGN) Trading Down 2.9% on Insider Selling

AxoGen, Inc. (NASDAQ:AXGN)’s share price dropped 2.9% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $17.09 and last traded at $17.11. Approximately 44,326 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 394,667 shares. The stock had previously closed at $17.63.

Specifically, insider Erick Wayne Devinney sold 15,111 shares of the firm’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 value of $264,442.50. Following the sale, the insider now directly owns 217,762 shares in the company, valued at $3,810,835. This trade represents a 6.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

AXGN has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $24.00 price target on shares of AxoGen in a research report on Wednesday, March 5th. Canaccord Genuity Group upped their price objective on shares of 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 started coverage on shares of AxoGen in a research note on Monday. They issued a “buy” rating and a $30.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.60.

AxoGen Trading Up 0.8 %

The company has a debt-to-equity ratio of 0.67, a current ratio of 3.74 and a quick ratio of 2.47. The business has a 50-day simple moving average of $18.25 and a two-hundred day simple moving average of $15.60. The stock has a market cap of $799.97 million, a price-to-earnings ratio of -56.38 and a beta of 1.02.

Institutional Trading of AxoGen

A number of institutional investors and hedge funds have recently made changes to their positions in AXGN. Principal Financial Group Inc. acquired a new stake in AxoGen during the 3rd quarter worth approximately $207,000. Oppenheimer & Co. Inc. acquired a new stake in shares of AxoGen in the 3rd quarter worth about $156,000. Quest Partners LLC lifted its stake in AxoGen by 23,066.7% during the 3rd quarter. Quest Partners LLC now owns 2,085 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 2,076 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of AxoGen by 66.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 308,686 shares of the medical equipment provider’s stock worth $4,328,000 after buying an additional 123,118 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of AxoGen in the 3rd quarter worth about $173,000. Institutional investors own 80.29% of the company’s stock.

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.