AxoGen (NASDAQ:AXGN) Price Target Raised to $26.00 at Canaccord Genuity Group

AxoGen (NASDAQ:AXGN) had its price objective upped by equities research analysts at Canaccord Genuity Group from $22.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s target price points to a potential upside of 30.62% from the company’s previous close.

AxoGen Price Performance

AxoGen stock traded down $0.21 during mid-day trading on Wednesday, reaching $19.91. 231,963 shares of the company were exchanged, compared to its average volume of 511,196. The firm has a market cap of $876.02 million, a PE ratio of -62.31 and a beta of 1.00. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.74 and a quick ratio of 2.47. The company has a fifty day simple moving average of $17.47 and a 200-day simple moving average of $14.93. AxoGen has a 12 month low of $5.55 and a 12 month high of $21.00.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of AXGN. Driehaus Capital Management LLC lifted its holdings in shares of AxoGen by 166.0% in the fourth quarter. Driehaus Capital Management LLC now owns 954,439 shares of the medical equipment provider’s stock valued at $15,729,000 after purchasing an additional 595,579 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in AxoGen by 2,912.3% during the third quarter. JPMorgan Chase & Co. now owns 549,000 shares of the medical equipment provider’s stock worth $7,697,000 after purchasing an additional 530,775 shares during the last quarter. First Light Asset Management LLC grew its holdings in shares of AxoGen by 10.2% in the fourth quarter. First Light Asset Management LLC now owns 4,506,795 shares of the medical equipment provider’s stock valued at $74,272,000 after acquiring an additional 416,499 shares in the last quarter. Parkman Healthcare Partners LLC bought a new stake in shares of AxoGen during the 3rd quarter worth $5,789,000. Finally, Balyasny Asset Management L.P. purchased a new position in AxoGen in the fourth quarter valued at about $4,943,000. 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.