Canaccord Genuity Group Forecasts Strong Price Appreciation for AxoGen (NASDAQ:AXGN) Stock

AxoGen (NASDAQ:AXGN) had its target price raised by research analysts at Canaccord Genuity Group from $22.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 33.81% from the stock’s current price.

AxoGen Trading Down 0.2 %

Shares of NASDAQ AXGN opened at $19.43 on Wednesday. The firm’s 50 day moving average price is $17.66 and its 200-day moving average price is $14.99. AxoGen has a 52-week low of $5.55 and a 52-week high of $21.00. The company has a market cap of $855.08 million, a PE ratio of -60.72 and a beta of 1.00. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.47 and a current ratio of 3.74.

Institutional Trading of AxoGen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AXGN. First Light Asset Management LLC raised its stake in shares of AxoGen by 10.2% during the 4th quarter. First Light Asset Management LLC now owns 4,506,795 shares of the medical equipment provider’s stock worth $74,272,000 after acquiring an additional 416,499 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of AxoGen by 3.2% in the third quarter. Geode Capital Management LLC now owns 1,010,508 shares of the medical equipment provider’s stock valued at $14,170,000 after acquiring an additional 31,612 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of AxoGen by 166.0% during the fourth quarter. Driehaus Capital Management LLC now owns 954,439 shares of the medical equipment provider’s stock worth $15,729,000 after buying an additional 595,579 shares in the last quarter. State Street Corp grew its stake in AxoGen by 11.9% during the 3rd quarter. State Street Corp now owns 896,674 shares of the medical equipment provider’s stock valued at $12,571,000 after acquiring an additional 95,051 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of AxoGen by 13.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 772,752 shares of the medical equipment provider’s stock worth $12,735,000 after acquiring an additional 91,984 shares during the last quarter. 80.29% of the stock is owned by hedge funds and other 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.