AxoGen (NASDAQ:AXGN) Shares Down 6.1% - Here's Why

AxoGen, Inc. (NASDAQ:AXGN - Get Free Report)'s stock price dropped 6.1% during mid-day trading on Tuesday . The stock traded as low as $17.84 and last traded at $18.12. Approximately 391,834 shares traded hands during trading, a decline of 28% from the average daily volume of 541,548 shares. The stock had previously closed at $19.29.

Wall Street Analyst Weigh In

AXGN has been the subject of several recent analyst reports. Cantor Fitzgerald restated an "overweight" rating and set a $24.00 target price on shares of AxoGen in a research report on Wednesday. Canaccord Genuity Group boosted their price target on AxoGen from $22.00 to $26.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $20.75.

AxoGen Stock Down 0.2 %

The company has a market cap of $786.22 million, a P/E ratio of -55.41 and a beta of 1.00. 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 business's 50 day moving average is $17.90 and its 200 day moving average is $15.26.

Insider Buying and Selling

In related news, Director Amy Mcbride Wendell sold 5,000 shares of the business'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 value of $100,100.00. Following the completion of the transaction, the director now owns 97,899 shares of the company's stock, valued at $1,959,937.98. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 7.00% of the stock is currently owned by insiders.

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Hedge Funds Weigh In On AxoGen

A number of large investors have recently bought and sold shares of AXGN. Quest Partners LLC raised its stake in AxoGen by 23,066.7% in the third quarter. Quest Partners LLC now owns 2,085 shares of the medical equipment provider's stock worth $29,000 after buying an additional 2,076 shares in the last quarter. R Squared Ltd bought a new position in AxoGen in the fourth quarter worth approximately $30,000. US Bancorp DE acquired a new position in shares of AxoGen during the fourth quarter worth $30,000. State of Wyoming acquired a new position in shares of AxoGen during the fourth quarter worth $31,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of AxoGen during the fourth quarter worth $93,000. 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.