AxoGen, Inc. (AXGN) PT Lowered to $18 at Cantor Fitzgerald

Cantor Fitzgerald analyst Ross Osborn lowered the price target on AxoGen, Inc. (NASDAQ: AXGN) to $18.00 (from $20.00) while maintaining a Overweight rating.

The analyst commented, "We reiterate our Overweight rating while we moderate our 12-month price target to $18 from $20 on AxoGen's (AXGN) shares following the company reporting above-consensus 3Q revenue of $37.0 million (Cantor $36.9 million / FactSet consensus $36.0 million), representing year-over-year growth of 18%. Importantly, core accounts grew 11% sequentially to 331 and accounted for ~60% of revenue while active accounts grew 1% sequentially to 952. While growth continues to be driven by early-adopters, the companyis becoming more focused on driving penetration of existing accounts to doctors who fall in the middle-adopter category which should result in incremental revenue. Moreover, AXGN reported positive adjusted EBITDA, reflecting the operating leverage we expect to see over time and remains on-track to file the company's BLA for Avance in 2H23. With the shares trading at 3.1x EV/CY23E revenue versus peers at 5.6x, we would encourage investors to acquire AXGN's shares at what we believe represents an attractive price."

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