AxoGen, Inc. (NASDAQ:AXGN) Sees Large Increase in Short Interest

AxoGen, Inc. (NASDAQ:AXGN) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 1,840,000 shares, an increase of 21.9% from the March 15th total of 1,510,000 shares. Approximately 4.5% of the company’s stock are sold short. Based on an average trading volume of 550,900 shares, the short-interest ratio is presently 3.3 days.

Wall Street Analyst Weigh In

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

AxoGen Stock Performance

NASDAQ:AXGN traded down $0.75 during mid-day trading on Monday, reaching $14.82. 116,595 shares of the stock were exchanged, compared to its average volume of 425,780. The stock has a market capitalization of $657.18 million, a P/E ratio of -46.31 and a beta of 1.00. AxoGen has a 1 year low of $5.55 and a 1 year high of $21.00. The company has a 50 day simple moving average of $17.65 and a 200-day simple moving average of $16.13. The company has a quick ratio of 2.47, a current ratio of 3.74 and a debt-to-equity ratio of 0.67.

Insider Activity

In related news, Director Amy Mcbride Wendell sold 5,000 shares of the company’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 transaction of $100,100.00. Following the sale, the director now directly owns 97,899 shares in the company, valued at approximately $1,959,937.98. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erick Wayne Devinney sold 15,111 shares of AxoGen 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 completion of the transaction, the insider now owns 217,762 shares of the company’s stock, valued at $3,810,835. This represents a 6.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 7.00% of the company’s stock.

Institutional Trading of AxoGen

Large investors have recently bought and sold shares of the business. State Street Corp raised its holdings in shares of AxoGen by 11.9% in the third quarter. State Street Corp now owns 896,674 shares of the medical equipment provider’s stock valued at $12,571,000 after buying an additional 95,051 shares during the last quarter. Barclays PLC lifted its position in AxoGen by 119.3% during the 3rd quarter. Barclays PLC now owns 72,036 shares of the medical equipment provider’s stock worth $1,010,000 after acquiring an additional 39,182 shares during the period. Geode Capital Management LLC grew its stake in shares of AxoGen by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,010,508 shares of the medical equipment provider’s stock valued at $14,170,000 after purchasing an additional 31,612 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of AxoGen by 9.8% in the third quarter. Franklin Resources Inc. now owns 76,048 shares of the medical equipment provider’s stock valued at $1,084,000 after purchasing an additional 6,767 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in shares of AxoGen during the third quarter worth approximately $207,000. Institutional investors and hedge funds 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.