Insider Selling: AxoGen, Inc. (NASDAQ:AXGN) Insider Sells 15,111 Shares of Stock

AxoGen, Inc. (NASDAQ:AXGN) insider Erick Wayne Devinney has recently sold 15,111 shares of the company's stock in a transaction that took place on Wednesday, March 19. The sales were executed at an average price of $17.50 per share, totaling approximately $264,442.50. After this sale, Devinney now holds a total of 217,762 shares of AxoGen stock, with a market value of about $3,810,835. This transaction reflects a 6.49% reduction in his ownership stake in the company. The details of the sale were disclosed through a filing with the Securities and Exchange Commission (SEC), which investors can access online.

AxoGen Stock Performance

On the day of the insider sale, shares of AXGN experienced a modest increase of 1.5%, climbing $0.27 to reach a trading price of $17.90. During trading hours, 666,537 shares changed hands, which is significantly higher than the average trading volume of 397,102 shares. AxoGen's current market capitalization stands at approximately $793.76 million. The company has a price-to-earnings (P/E) ratio of -55.94 and a beta of 1.02. Over the past year, AXGN stock has fluctuated between a low of $5.55 and a high of $21.00. Financial analyses also reveal a debt-to-equity ratio of 0.67, a current ratio of 3.74, and a quick ratio of 2.47. The fifty-day and two-hundred-day moving averages for the stock are currently at $18.19 and $15.58, respectively.

Recent Analyst Ratings

Recent evaluations by multiple research analysts have been favorable for AxoGen shares. Cantor Fitzgerald reaffirmed an "overweight" rating with a price target of $24.00, as noted in a report on March 5. Furthermore, Canaccord Genuity Group increased their price target from $22.00 to $26.00, maintaining a "buy" recommendation. Lake Street Capital also began coverage on AxoGen, assigning a "buy" rating and projecting a price target of $30.00. Overall, six analysts have rated the stock as a buy. Current consensus from MarketBeat suggests a strong "Buy" rating for AxoGen, with an average price target of $22.60.

Institutional Investor Activities

Numerous hedge funds have recently been adjusting their investments in AxoGen. For instance, Principal Financial Group acquired a new stake valued at approximately $207,000 in the third quarter. Los Angeles Capital Management also took a new position, investing about $279,000. Meanwhile, Oppenheimer & Co. Inc. added a new investment worth roughly $156,000. Notably, Quest Partners LLC significantly increased their shareholding by an astounding 23,066.7%, now owning 2,085 shares valued at $29,000 after buying an additional 2,076 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in AxoGen by 66.3%, currently possessing 308,686 shares worth $4,328,000 after acquiring 123,118 shares additionally. Altogether, institutional investors, including hedge funds, now hold about 80.29% of AxoGen's stock.

About AxoGen, Inc.

AxoGen, Inc., along with its subsidiaries, focuses on developing and commercializing technologies aimed at the regeneration and repair of peripheral nerves on a global scale. The products offered by the company include the Avance Nerve Graft—a processed human nerve allograft designed to bridge severed peripheral nerves; AxoGuard Nerve Connector—an extracellular matrix aid for the repair of severed nerves; and AxoGuard Nerve Protector—a protective product to wrap and safeguard damaged nerves. They also provide the Axoguard HA+ Nerve Protector, which combines a processed porcine submucosa material with a gel coating to protect peripheral nerve injuries effectively.

Insider, Selling, Stocks