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

AxoGen, Inc. (NASDAQ:AXGN) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 1,210,000 shares, a drop of 25.8% from the September 15th total of 1,630,000 shares. Based on an average trading volume of 439,100 shares, the short-interest ratio is presently 2.8 days.

AxoGen Stock Performance

Shares of NASDAQ:AXGN traded up $1.11 during midday trading on Friday, reaching $14.71. The company had a trading volume of 1,024,043 shares, compared to its average volume of 402,098. AxoGen has a 52-week low of $3.45 and a 52-week high of $15.08. The company’s 50 day moving average price is $12.82 and its 200 day moving average price is $9.23. The company has a current ratio of 3.51, a quick ratio of 2.32 and a debt-to-equity ratio of 0.70. The stock has a market cap of $642.90 million, a P/E ratio of -29.42 and a beta of 1.13.

AxoGen (NASDAQ:AXGN) last issued its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.10. AxoGen had a negative net margin of 9.53% and a negative return on equity of 17.30%. The company had revenue of $47.91 million during the quarter, compared to analyst estimates of $43.27 million. As a group, sell-side analysts anticipate that AxoGen will post -0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On AxoGen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AXGN. BNP Paribas Financial Markets grew its stake in AxoGen by 8.6% in the 1st quarter. BNP Paribas Financial Markets now owns 20,820 shares of the medical equipment provider’s stock valued at $168,000 after buying an additional 1,651 shares in the last quarter. Roubaix Capital LLC bought a new position in AxoGen in the 1st quarter worth about $351,000. Lazard Asset Management LLC increased its position in shares of AxoGen by 30.1% during the first quarter. Lazard Asset Management LLC now owns 11,539 shares of the medical equipment provider’s stock valued at $93,000 after buying an additional 2,671 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of AxoGen by 8.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,650 shares of the medical equipment provider’s stock worth $240,000 after buying an additional 2,204 shares in the last quarter. Finally, First Light Asset Management LLC grew its stake in AxoGen by 177.0% during the first quarter. First Light Asset Management LLC now owns 765,886 shares of the medical equipment provider’s stock valued at $6,181,000 after acquiring an additional 489,397 shares in the last quarter. Institutional investors own 80.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AXGN. JMP Securities upped their target price on AxoGen from $17.00 to $20.00 and gave the company a “market outperform” rating in a research report on Friday, August 9th. Raymond James started coverage on AxoGen in a research note on Monday, July 1st. They issued an “outperform” rating and a $13.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and set a $15.00 price objective on shares of AxoGen in a report on Thursday, June 20th. Finally, StockNews.com raised shares of AxoGen from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, AxoGen currently has a consensus rating of “Buy” and a consensus price target of $13.80.

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.