AxoGen (NASDAQ:AXGN) Shares Down 11.2% – Here’s What Happened

Shares of AxoGen, Inc. (NASDAQ:AXGN) traded down 11.2% during mid-day trading on Thursday . The company traded as low as $11.51 and last traded at $13.61. 207,541 shares were traded during mid-day trading, a decline of 48% from the average session volume of 398,912 shares. The stock had previously closed at $15.33.

Analysts Set New Price Targets

AXGN has been the topic of several research analyst reports. JMP Securities boosted their price target on AxoGen from $17.00 to $20.00 and gave the company a “market outperform” rating in a research note on Friday, August 9th. StockNews.com raised shares of AxoGen from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $15.00.

AxoGen Trading Down 17.2 %

The firm has a market cap of $556.20 million, a price-to-earnings ratio of -31.87 and a beta of 1.13. The company has a fifty day moving average price of $13.81 and a 200-day moving average price of $10.05. 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 (NASDAQ:AXGN) last released its quarterly earnings data on Thursday, August 8th. The medical equipment provider reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $47.91 million for 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%. As a group, research analysts expect that AxoGen, Inc. will post -0.33 EPS for the current year.

Institutional Trading of AxoGen

A number of hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of AxoGen in the third quarter worth about $56,000. Koss Olinger Consulting LLC purchased a new position in shares of AxoGen in the second quarter worth about $75,000. Lazard Asset Management LLC raised its holdings in AxoGen by 30.1% in the 1st quarter. Lazard Asset Management LLC now owns 11,539 shares of the medical equipment provider’s stock valued at $93,000 after acquiring an additional 2,671 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of AxoGen during the 2nd quarter worth $125,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in AxoGen during the third quarter worth about $156,000. 80.29% of the stock is owned by hedge funds and other institutional investors.

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.