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

AxoGen (NASDAQ:AXGN) had its target price raised by Canaccord Genuity Group from $18.00 to $22.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the medical equipment provider’s stock.

Separately, StockNews.com upgraded shares of AxoGen from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th.

AxoGen Stock Performance

Shares of AXGN stock opened at $17.92 on Monday. The firm’s 50 day moving average price is $16.25 and its 200-day moving average price is $13.88. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.47 and a current ratio of 3.74. AxoGen has a one year low of $5.55 and a one year high of $19.06. The firm has a market cap of $788.66 million, a P/E ratio of -56.00 and a beta of 1.00.

Institutional Investors Weigh In On AxoGen

A number of hedge funds have recently added to or reduced their stakes in the business. Bradley Foster & Sargent Inc. CT lifted its holdings in AxoGen by 3.7% during the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 84,153 shares of the medical equipment provider’s stock worth $1,387,000 after buying an additional 2,989 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of AxoGen in the 4th quarter valued at $519,000. New York State Common Retirement Fund raised its holdings in shares of AxoGen by 63.7% in the 4th quarter. New York State Common Retirement Fund now owns 69,629 shares of the medical equipment provider’s stock valued at $1,147,000 after purchasing an additional 27,101 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of AxoGen by 8.3% in the 4th quarter. Principal Financial Group Inc. now owns 16,000 shares of the medical equipment provider’s stock valued at $264,000 after purchasing an additional 1,228 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of AxoGen by 2.7% in the 4th quarter. Rhumbline Advisers now owns 58,232 shares of the medical equipment provider’s stock valued at $960,000 after purchasing an additional 1,521 shares in the last quarter. 80.29% of the stock is currently owned by institutional investors and hedge funds.

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.