AxoGen price target raised to $50 from $40 at Lake Street

Lake Street raised the firm’s price target on AxoGen (AXGN) to $50 from $40 and keeps a Buy rating on the shares. Anthem and Cigna recently issued positive coverage policies for Avance, notes the analyst, who says Aetna represents the last major payor that the firm believes could issue a coverage policy “imminently.” The firm thinks the combination of execution and new policies supports both upward revenue revisions and multiple expansion and continues to believe “a more premium valuation could be demanded on a take-out,” the analyst tells investors.