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

AxoGen, Inc. (NASDAQ:AXGN)’s share price dropped 2.9% on Wednesday following insider selling activity. The company traded as low as $17.09 and last traded at $17.11. Approximately 44,326 shares were traded during 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 AxoGen stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $17.50, for a total transaction of $264,442.50. Following the completion of the sale, the insider now directly owns 217,762 shares in the company, valued at $3,810,835. The trade was a 6.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several analysts have weighed in on AXGN shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $24.00 price objective on shares of AxoGen in a research report on Wednesday, March 5th. Canaccord Genuity Group lifted their target price 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 began coverage on shares of AxoGen in a research note on Monday. They set a “buy” rating and a $30.00 target price for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $22.60.

AxoGen Price Performance

The stock’s 50 day simple moving average is $18.25 and its 200-day simple moving average is $15.60. The firm has a market cap of $799.97 million, a price-to-earnings ratio of -56.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.47 and a current ratio of 3.74.

Hedge Funds Weigh In On AxoGen

Hedge funds and other institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC lifted its stake in shares of AxoGen by 86.7% in the 4th quarter. Squarepoint Ops LLC now owns 55,668 shares of the medical equipment provider’s stock valued at $917,000 after purchasing an additional 25,853 shares during the last quarter. State of Wyoming purchased a new position in shares of AxoGen in the 4th quarter valued at approximately $31,000. ProShare Advisors LLC acquired a new stake in shares of AxoGen in the 4th quarter worth $197,000. Nicholas Investment Partners LP boosted its position in shares of AxoGen by 49.9% during the 4th quarter. Nicholas Investment Partners LP now owns 295,554 shares of the medical equipment provider’s stock worth $4,871,000 after purchasing an additional 98,419 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in AxoGen by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,128 shares of the medical equipment provider’s stock valued at $398,000 after purchasing an additional 926 shares during the last quarter. Hedge funds and other 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.