Short Interest in AxoGen, Inc. (NASDAQ:AXGN) Decreases By 18.4%

AxoGen, Inc. (NASDAQ:AXGN) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 1,510,000 shares, a decline of 18.4% from the February 28th total of 1,850,000 shares. Currently, 3.7% of the company’s stock are short sold. Based on an average daily volume of 539,900 shares, the short-interest ratio is currently 2.8 days.

AxoGen Stock Down 3.7 %

NASDAQ:AXGN opened at $17.81 on Wednesday. The company’s 50 day moving average is $18.26 and its two-hundred day moving average is $15.93. The company has a market cap of $789.77 million, a PE ratio of -55.66 and a beta of 1.02. AxoGen has a twelve month low of $5.55 and a twelve month high of $21.00. The company has a current ratio of 3.74, a quick ratio of 2.47 and a debt-to-equity ratio of 0.67.

Wall Street Analysts Forecast Growth

AXGN has been the subject of a number of analyst reports. Lake Street Capital initiated coverage on AxoGen in a research note on Monday, March 17th. They set a “buy” rating and a $30.00 price objective for the company. Canaccord Genuity Group raised their price target on shares of AxoGen from $22.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of AxoGen in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $22.60.

Insider Buying and Selling at AxoGen

In related news, insider Erick Wayne Devinney sold 15,111 shares of the business’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 value of $264,442.50. Following the completion of the transaction, the insider now owns 217,762 shares of the company’s stock, valued at $3,810,835. The trade was a 6.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amy Mcbride Wendell sold 5,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $20.02, for a total value of $100,100.00. Following the sale, the director now owns 97,899 shares of the company’s stock, valued at approximately $1,959,937.98. This represents a 4.86 % decrease in their position. The disclosure for this sale can be found here. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AxoGen

Hedge funds have recently made changes to their positions in the company. Quest Partners LLC lifted its position in AxoGen by 23,066.7% during the 3rd quarter. Quest Partners LLC now owns 2,085 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 2,076 shares during the period. R Squared Ltd acquired a new stake in shares of AxoGen during the fourth quarter worth about $30,000. US Bancorp DE purchased a new stake in AxoGen in the fourth quarter valued at approximately $30,000. State of Wyoming acquired a new position in AxoGen in the 4th quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in AxoGen during the 4th quarter worth approximately $93,000. 80.29% of the stock is owned by institutional investors and hedge funds.

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.