In a report released today, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on AxoGen (NASDAQ: AXGN), with a price target of $45. The company’s shares closed on Friday at $34.90.
Bijou commented:
“. We reiterate our Overweight rating and $45 12-month price target on AXGN. Since closing at $45 on September 4, AXGN shares are down 22%, largely due to investor concerns about increased competition from IART (N) and Baxter (NC). On the heels of the 2Q miss, we certainly understand investor skittishness on the news from competitors and think it provides ammunition to the skeptics. That said, we think the sell-off is overdone and provides an attractive entry point for what we believe is one of the most compelling long-term growth stories in medtech.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 23.2% and a 78.3% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
Currently, the analyst consensus on AxoGen is a Moderate Buy with an average price target of $57.50.
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The company has a one-year high of $56.85 and a one-year low of $18.10. Currently, AxoGen has an average volume of 511.5K.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AXGN in relation to earlier this year. Last month, Karen Zaderej, the CEO of AXGN bought 175,000 shares for a total of $479,500.
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AxoGen, Inc. engages in the development and market of surgical solutions for peripheral nerves. It also provide products and education to improve surgical treatment algorithms for peripheral nerve damage or discontinuity.
