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

AxoGen, Inc. (NASDAQ:AXGN) shares traded down 2.9% on Wednesday following insider selling activity. The company traded as low as $17.09 and last traded at $17.11. 44,326 shares changed 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 AxoGen stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $17.50, for a total value of $264,442.50. Following the completion of the transaction, the insider now owns 217,762 shares in the company, valued at approximately $3,810,835. This trade represents a 6.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AXGN shares. Canaccord Genuity Group lifted their target price on AxoGen from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $24.00 price target on shares of AxoGen in a research report on Wednesday, March 5th. Finally, Lake Street Capital initiated coverage on shares of AxoGen in a research report on Monday. They set a “buy” rating and a $30.00 price objective on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, AxoGen presently has an average rating of “Buy” and an average price target of $22.60.

AxoGen Price Performance

The stock has a 50 day moving average of $18.25 and a 200-day moving average of $15.60. The company has a current ratio of 3.74, a quick ratio of 2.47 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $799.97 million, a P/E ratio of -56.38 and a beta of 1.02.

Institutional Trading of AxoGen

Several institutional investors and hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC increased its stake in AxoGen by 86.7% in the 4th quarter. Squarepoint Ops LLC now owns 55,668 shares of the medical equipment provider’s stock worth $917,000 after buying an additional 25,853 shares during the period. State of Wyoming purchased a new stake in AxoGen in the 4th quarter valued at about $31,000. ProShare Advisors LLC bought a new position in AxoGen in the 4th quarter worth about $197,000. Nicholas Investment Partners LP increased its position in shares of AxoGen by 49.9% during the fourth quarter. Nicholas Investment Partners LP now owns 295,554 shares of the medical equipment provider’s stock worth $4,871,000 after acquiring an additional 98,419 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of AxoGen by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,128 shares of the medical equipment provider’s stock valued at $398,000 after acquiring an additional 926 shares in the last quarter. 80.29% of the stock is currently owned by 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.