BTIG analyst Ryan Zimmerman reiterated a Buy rating on AxoGen (AXGN) on May 8 and set a price target of $29. The company’s shares closed yesterday at $23.92.
Zimmerman wrote:
“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.”
According to TipRanks.com, Zimmerman is a top 100 analyst with an average return of 40.1% and a 70.4% success rate. Zimmerman covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and OrthoPediatrics Corp.
Currently, the analyst consensus on AxoGen is a Strong Buy with an average price target of $31, implying a 29.6% upside from current levels. In a report issued on May 8, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $30 price target.
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Based on AxoGen’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $5.22 million. In comparison, last year the company had a GAAP net loss of $5.64 million.
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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.
