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AXGN

AxoGen

$21.34

-6.19 (-22.48%)

08:58
12/19/18
12/19
08:58
12/19/18
08:58

JMP says short's suggestion of AxoGen saturation inconsistent with performance

After Seligman Investments distributed a "lengthy" short report on AxoGen that contributed to the stock declining by about 22% yesterday, JMP Securities analyst David Turkaly said he views the three most meaningful remarks as raising potential concerns over the company's previously stated addressable market size, portfolio of intellectual property and current market valuation. However, he believes AxoGen's sales growth, increased rep hiring, active account additions and guidance show that the market saturation suggested by the short report author is inconsistent with recent performance. The short also touched on the regulatory status of Avance, but Turkaly believes AxoGen has been taking adequate steps to successfully progress through its clinical pathway and "constructively communicate" with the FDA, the analyst added. He maintains an Outperform rating and $43 price target on AxoGen shares.

AXGN AxoGen
$21.34

-6.19 (-22.48%)

12/19/18
JEFF
12/19/18
NO CHANGE
Target $45
JEFF
Buy
Jefferies disagrees 'on all accounts' with short seller report on AxoGen
AxoGen shares were down 25% yesterday following publication of a short report by Seligman Investments, noted Raj Denhoy. While a point-by-point refutation is not really feasible to a 114 page long report, he disagrees "on all accounts" with the short's claims that AxoGen's products are not differentiated, that the markets for its products are smaller and that the company is worth just a fraction of the stock's current valuation, Denhoy tells investors. Market size has always been a point of debate at AxoGen, but the analyst's work shows that its markets are "far more substantial" than the short seller claims. Additionally, no other company he is aware of is working on bringing a processed nerve allograft to the U.S. market, Denhoy said. He maintains a Buy rating and $45 price target on AxoGen shares.
11/14/18
BTIG
11/14/18
INITIATION
BTIG
Neutral
AxoGen initiated with a Neutral at BTIG
BTIG analyst Ryan Zimmerman initiated AxoGen with a Neutral rating, saying that while the company has been "one of the best growth stories in small-cap MedTech", its valuation appears to be fair. The analyst is positive on the company's peripheral nerve repair products which, as he claims, show "superiority against the standard of care". Zimmerman also points to AxoGen's market opportunity in breast, pain, and oral/maxillofacial surgery areas that imply a runway for AxoGen's future revenue growth.
10/30/18
JEFF
10/30/18
NO CHANGE
Target $45
JEFF
Buy
AxoGen remains a top growth idea at Jefferies
Jefferies analyst Raj Denhoy says that after a couple of "choppy quarters," AxoGen posted 41% revenue growth in Q3 and kept 2018 guidance at greater than 40%. The outlook for 2019 was offered up as "at least 35%," which keeps AxoGen among the best medtech growth companies, Denhoy tells investors in a post-earnings research note. He sees an upward bias to 2019 estimates and says the company remains a top growth idea with a Buy rating and $45 price target.
10/30/18
LEER
10/30/18
NO CHANGE
Target $55
LEER
Outperform
AxoGen price target lowered to $55 from $60 at Leerink
Leerink analyst Richard Newitter lowered his price target for AxoGen to $55 from $60, while reiterating an Outperform rating on the shares as he is encouraged by the company's return to over 40% growth in Q3. Further, the analyst believes the company has significant runway ahead to drive increased adoption into a large underpenetrated existing commercially targeted $2.2B "core" peripheral nerve repair opportunity.

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