In a report released yesterday, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on AxoGen (NASDAQ: AXGN), with a price target of $45. The company’s shares closed yesterday at $38.75.
Bijou wrote:
“. We reiterate our Overweight rating and $45 PT on AXGN shares. We hosted investor meetings with AXGN yesterday (8/7) and came away more confident that AXGN has taken steps to address the agency issues that led to its 2Q revenue miss. Although disappointing, AXGN’s 2Q miss should be put in perspective. The company missed revenue consensus by $500k (although investor expectations were likely higher than consensus), but AXGN’s revenue still grew 36% in 2Q, and the company reiterated full-year 2018 guidance of 40%+ top-line growth and an 80%+ gross margin.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 19.9% and a 72.1% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for AxoGen with a $53.33 average price target.
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Based on AxoGen’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $7.43 million. In comparison, last year the company had a GAAP net loss of $2.06 million.
Based on the recent corporate insider activity of 25 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. Earlier this 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.
