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

AxoGen, Inc. (NASDAQ:AXGN - Get Free Report)'s share price fell 2.9% during trading on Wednesday following insider selling activity. The company traded as low as $17.09 and last traded at $17.11. 44,326 shares traded hands during mid-day trading, a decline of 89% from the average session 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 shares were 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 approximately $3,810,835. This trade represents a 6.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AXGN. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $24.00 price target on shares of AxoGen in a report on Wednesday, March 5th. 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. Finally, Canaccord Genuity Group upped their price objective on AxoGen from $22.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, AxoGen currently has an average rating of "Buy" and a consensus target price of $22.60.

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AxoGen Stock Down 1.8 %

The company has a fifty day simple moving average of $18.24 and a 200-day simple moving average of $15.67. The company has a quick ratio of 2.47, a current ratio of 3.74 and a debt-to-equity ratio of 0.67. The firm has a market cap of $785.78 million, a P/E ratio of -55.38 and a beta of 1.02.

Hedge Funds Weigh In On AxoGen

Several large investors have recently added to or reduced their stakes in the company. Quest Partners LLC lifted its stake in shares of 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 buying an additional 2,076 shares in the last quarter. R Squared Ltd bought a new stake in AxoGen during the fourth quarter valued at about $30,000. US Bancorp DE purchased a new stake in shares of AxoGen during the fourth quarter worth about $30,000. State of Wyoming purchased a new stake in AxoGen during the 4th quarter valued at approximately $31,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in AxoGen in the 4th quarter valued at $93,000. Hedge funds and other 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.