AxoGen jumps after Cigna picks up Avance nerve graft

Shares of AxoGen (AXGN) moved higher after Cigna (CI) added coverage for the company’s nerve graft. AxoGen’s Avance Nerve Graft “is considered medically necessary when used in association with mastectomy or breast reconstruction procedures when nerves cannot be preserved,” Cigna announced in a medical coverage policy memo. Shares of AxoGen are up 8%, or $2.72, to $37.48 in late day trading.