AxoGen initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of AxoGen (AXGN) with an Overweight rating and $40 price target The firm says AxoGen is the only company fully focused on the treatment of peripheral nerve injuries. The company’s lead product Avance is an off the shelf biologic nerve graft that supports regeneration without harvesting a patient’s own nerve, unlike autograft, which is the gold standard in nerve repair, the analyst tells investors in a research note. Wells says Avance has no direct biologic competitor in the market or in development, “providing a clear first mover advantage.”