Do Hedge Funds Love AxoGen, Inc. (AXGN)?

With a general bullishness amongst the heavyweights, specific money managers have been driving this bullishness. Consonance Capital Management established the biggest position in AxoGen, Inc. (NASDAQ:AXGN). Consonance Capital Management had $0.9 million invested in the company at the end of the quarter. Renaissance Technologies also initiated a $0.3 million position during the quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as AxoGen, Inc. (NASDAQ:AXGN) but similarly valued. These stocks are Intevac, Inc. (NASDAQ:IVAC), SCYNEXIS Inc (NASDAQ:SCYX), Lakeland Industries, Inc. (NASDAQ:LAKE), and Nicholas Financial, Inc. (NASDAQ:NICK). All of these stocks’ market caps are similar to AXGN’s market cap.

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $24 million in AXGN’s case. SCYNEXIS Inc (NASDAQ:SCYX) is the most popular stock in this table. On the other hand Nicholas Financial, Inc. (NASDAQ:NICK) is the least popular one with only 4 bullish hedge fund positions, the same as in AxoGen, Inc. (NASDAQ:AXGN)’s case. Considering that hedge funds aren’t very fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock.