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

AxoGen, Inc. (NASDAQ:AXGN) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 1,960,000 shares, a decline of 19.7% from the July 15th total of 2,440,000 shares. Based on an average trading volume of 387,700 shares, the short-interest ratio is currently 5.1 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on AXGN shares. Raymond James started coverage on AxoGen in a research report on Monday, July 1st. They issued an “outperform” rating and a $13.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 target price on shares of AxoGen in a research report on Thursday, June 20th. StockNews.com upgraded AxoGen from a “hold” rating to a “buy” rating in a research report on Friday, August 9th. Finally, JMP Securities upped their price objective on AxoGen from $17.00 to $20.00 and gave the company a “market outperform” rating in a research report on Friday, August 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $13.80.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC grew its stake in shares of AxoGen by 186.1% during the second quarter. Squarepoint Ops LLC now owns 60,913 shares of the medical equipment provider’s stock valued at $441,000 after buying an additional 39,624 shares during the last quarter. First Light Asset Management LLC grew its stake in AxoGen by 336.6% in the second quarter. First Light Asset Management LLC now owns 3,344,033 shares of the medical equipment provider’s stock worth $24,211,000 after purchasing an additional 2,578,147 shares in the last quarter. Divisadero Street Capital Management LP grew its stake in AxoGen by 587.2% in the second quarter. Divisadero Street Capital Management LP now owns 686,994 shares of the medical equipment provider’s stock worth $4,974,000 after purchasing an additional 587,024 shares in the last quarter. Rice Hall James & Associates LLC grew its stake in AxoGen by 26.8% in the second quarter. Rice Hall James & Associates LLC now owns 194,269 shares of the medical equipment provider’s stock worth $1,407,000 after purchasing an additional 41,095 shares in the last quarter. Finally, Koss Olinger Consulting LLC bought a new position in AxoGen in the second quarter worth approximately $75,000. Institutional investors own 80.29% of the company’s stock.

AxoGen Trading Up 6.4 %

Shares of AXGN traded up $0.71 during mid-day trading on Friday, reaching $11.73. 430,712 shares of the company’s stock traded hands, compared to its average volume of 400,561. The stock has a market cap of $512.66 million, a P/E ratio of -23.46 and a beta of 1.11. The stock’s 50-day moving average is $8.46 and its two-hundred day moving average is $8.08. AxoGen has a 12 month low of $3.45 and a 12 month high of $11.76. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.43 and a quick ratio of 2.23.

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.