In a report released today, David Turkaly from JMP Securities maintained a Buy rating on AxoGen (AXGN – Research Report), with a price target of $17.00.
David Turkaly has given his Buy rating due to a combination of AxoGen’s solid performance and its promising future prospects. In the fourth quarter of 2023, AxoGen’s preliminary sales surpassed both consensus estimates and JMP Securities’ expectations, indicating robust year-over-year growth. Full-year revenue also exceeded the company’s previous guidance, suggesting a consistent upward trajectory in AxoGen’s financial performance. Additionally, the unchanged number of sales representatives at the end of the year, compared to the third quarter, coupled with an increase from the previous year, points to growing rep productivity, which is a positive sign for the company’s sales efficiency and reach.
The optimism in Turkaly’s outlook is further bolstered by AxoGen’s product differentiation and the significant potential in the nerve protection and repair market. AxoGen’s innovative products, such as the AxoGuard HA+ nerve protector and the upcoming Avive+ resorbable soft tissue matrix, are positioned in markets with limited competition, providing a clear path for growth. The anticipated positive impact of the RECON BLA trial on the uptake of their Avance product, with a submission expected in the first half of 2024, also underpins the Buy rating. Turkaly’s $17 price target is grounded in a valuation multiple that reflects confidence in the company’s revenue potential for 2024.
In another report released on December 21, Canaccord Genuity also maintained a Buy rating on the stock with a $15.00 price target.
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Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AXGN in relation to earlier this year.
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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 Reports Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2023
- Axogen Announces Plan for Leadership Transition with CEO Karen Zaderej to Retire from Company by January 2025
- Axogen Announces Promotions on Research and Development Team
- Axogen, Inc. Appoints Kathy Weiler to its Board of Directors
- AxoGen reaffirms FY23 revenue $154M-$159M, consensus $156.75M
