David Turkaly, an analyst from JMP Securities, maintained the Buy rating on AxoGen (AXGN – Research Report). The associated price target is $17.00.
David Turkaly’s recommendation to buy AxoGen’s stock is based on several factors. The company’s third quarter results showed a 12% year-over-year increase in total sales, surpassing both Turkaly’s and the Street’s estimates. This growth also marked an 8% sequential advancement, which is impressive considering the minimal increase in direct representatives. Furthermore, core trauma and scheduled procedures, which equally contribute to the company’s revenue mix, experienced promising growth.
Turkaly’s optimism also comes from AxoGen’s reiterated 2023 sales guidance, projecting an 11%-15% year-over-year growth, which he believes might be an underestimate. The recommendation is bolstered by AxoGen’s unique product offerings, such as the recently launched AxoGuard HA+ nerve protector and the forthcoming Avive+ resorbable soft tissue matrix. With limited competition in nerve protection and repair markets, AxoGen has substantial growth potential. Turkaly’s $17 price target is based on the 2024 revenue estimate, reflecting 13% growth over the 2023 estimate.
Turkaly covers the Healthcare sector, focusing on stocks such as Haemonetics, Orthofix, and Lantheus. According to TipRanks, Turkaly has an average return of -6.3% and a 37.33% success rate on recommended stocks.
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AxoGen (AXGN) Company Description:
AxoGen, Inc. engages in the development and market of surgical solutions for peripheral nerves. It also provides products and education to improve surgical treatment algorithms for peripheral nerve damage or discontinuity. Its products include avance nerve graft, axoguard nerve connector, axoguard nerve protector, avive soft tissue membrane, acroval neurosensory and motor testing system, and axotouch two-point discriminator. The company was founded in 1977 and is headquartered in Alachua, FL.
Read More on AXGN:
- Axogen, Inc. Reports 2023 Third Quarter Financial Results
- AXGN Earnings this Week: How Will it Perform?
- Axogen, Inc. to Report Third Quarter 2023 Financial Results and Host Conference Call on November 7, 2023
- Wayfair upgraded, JD.com downgraded: Wall Street’s top analyst calls
- AxoGen initiated with an Outperform at Leerink
