AxoGen’s (AXGN) Buy Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of AxoGen (NASDAQ:AXGN) in a research note released on Friday morning, AnalystRatings.com reports. BTIG Research currently has a $29.00 price objective on the medical equipment provider’s stock.

“Raise PT to $29 We reiterate our Buy rating and raise our price target to $29 (from $28) following 1Q19 results. 1Q19 results beat both BTIG and Consensus est. with rev. of $23.3M (+34.9% Y/Y) coming in ahead of (~29% implied). Expenses were elevated as one-timers, increasing sales reps, and costs associated with RECON stepped up, but mgmt. expects these costs to moderate through the year. When we upgraded AXGN intra-quarter (here), the crux of our thesis was that improved stability and hiring trends in the sales force following the leadership transition would lead to more consistent execution and allow AXGN to return to improved growth. Thus far, results are playing out as we surmised but we acknowledge it’s still early in the year.”,” the firm’s analyst commented.

A number of other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald set a $26.00 price target on shares of AxoGen and gave the company a buy rating in a research report on Friday, January 18th. BidaskClub upgraded shares of AxoGen from a hold rating to a buy rating in a research report on Wednesday, March 6th. Finally, ValuEngine upgraded shares of AxoGen from a hold rating to a buy rating in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a buy rating, The stock has an average rating of Buy and a consensus target price of $38.00.

Shares of AXGN opened at $23.11 on Friday. AxoGen has a 1-year low of $14.13 and a 1-year high of $56.85. The stock has a market cap of $931.57 million, a price-to-earnings ratio of -42.80 and a beta of 0.20. The company has a quick ratio of 10.65, a current ratio of 8.83 and a debt-to-equity ratio of 0.02.

AxoGen (NASDAQ:AXGN) last announced its quarterly earnings results on Wednesday, May 8th. The medical equipment provider reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). AxoGen had a negative net margin of 29.19% and a negative return on equity of 15.58%. The company had revenue of $23.30 million for the quarter, compared to analyst estimates of $22.33 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. AxoGen’s revenue was up 34.7% on a year-over-year basis. As a group, equities research analysts predict that AxoGen will post -0.61 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of AXGN. Baillie Gifford & Co. boosted its stake in shares of AxoGen by 4,887.5% in the fourth quarter. Baillie Gifford & Co. now owns 636,800 shares of the medical equipment provider’s stock valued at $13,009,000 after purchasing an additional 624,032 shares during the period. Frontier Capital Management Co. LLC purchased a new position in shares of AxoGen in the first quarter valued at approximately $7,402,000. Two Sigma Investments LP boosted its stake in shares of AxoGen by 1,500.4% in the fourth quarter. Two Sigma Investments LP now owns 252,867 shares of the medical equipment provider’s stock valued at $5,166,000 after purchasing an additional 237,067 shares during the period. Summit Partners Public Asset Management LLC boosted its stake in shares of AxoGen by 431.3% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 272,528 shares of the medical equipment provider’s stock valued at $5,568,000 after purchasing an additional 221,229 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of AxoGen by 22.1% in the third quarter. Bank of New York Mellon Corp now owns 1,102,971 shares of the medical equipment provider’s stock valued at $40,645,000 after purchasing an additional 199,885 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

AxoGen Company Profile

AxoGen, Inc develops and markets surgical solutions for peripheral nerve injuries. The company's surgical solutions include Avance Nerve Graft, an off-the-shelf processed human nerve allograft for bridging severed 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 nerves; and 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.

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