According to a recent SEC filing, Capricorn Fund Managers Ltd initiated a new stake in Axogen (NASDAQ:AXGN) during the first quarter of 2026. The fund acquired 687,600 shares, with an estimated transaction value of $22.36 million using quarterly average pricing. As of March 31, 2026, the position was valued at $22.78 million, reflecting both the purchase and subsequent price movements during the quarter.
Axogen is a healthcare company specializing in advanced surgical solutions for peripheral nerve injuries. The company leverages proprietary biologic and medical device technologies to address critical gaps in nerve repair, offering off-the-shelf and specialized products that reduce surgical complexity and improve patient outcomes. With a diversified product portfolio and a focused commercial strategy, Axogen maintains a competitive position in the nerve repair segment of the medical device industry.
Before reading too much into Capricorn’s sudden interest in Axogen, it’s important to remember this company has reported steady losses, on a GAAP basis, for over a decade.
This healthcare firm develops nerve repair solutions for hospitals and specialists in the U.S. and select global markets.
What happened
According to a recent SEC filing, Capricorn Fund Managers Ltd initiated a new stake in Axogen (AXGN +4.92%) during the first quarter of 2026. The fund acquired 687,600 shares, with an estimated transaction value of $22.36 million using quarterly average pricing. As of March 31, 2026, the position was valued at $22.78 million, reflecting both the purchase and subsequent price movements during the quarter.
What else to know
- This new holding accounts for 3.55% of Capricorn Fund Managers Ltd’s reportable U.S. equity assets as of March 31, 2026.
- Top holdings after the filing:
- NYSE:CVNA: $29.87 million (4.7% of AUM)
- NYSE:BAC: $26.18 million (4.1% of AUM)
- NASDAQ:ZYME: $25.22 million (3.9% of AUM)
- NASDAQ:AXGN: $$22.78 million (3.6% of AUM)
- NYSE:KKR: $19.61 million (3.1% of AUM)
- As of April 23, 2026, shares were priced at $37.41, up 139.5% over the past year, outperforming the S&P 500 by 107.3 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $2.04 billion |
| Revenue (TTM) | $225.21 million |
| Net income (TTM) | ($15.70 million) |
| Price (as of market close April 24, 2026) | $39.25 |
Company snapshot
- Develops and markets surgical solutions for peripheral nerve repair, including Avance Nerve Graft, AxoGuard Nerve Connector, AxoGuard Nerve Protector, AxoGuard Nerve Cap, Avive Soft Tissue Membrane, and AxoTouch two point discriminator.
- Generates revenue primarily through the sale of biologically derived grafts and medical devices used in nerve repair procedures, targeting both hospital and outpatient surgical settings.
- Serves hospitals, surgery centers, military hospitals, and a range of surgical specialists such as plastic reconstructive, orthopedic, hand, oral, and maxillofacial surgeons across the United States and select international markets.
Axogen is a healthcare company specializing in advanced surgical solutions for peripheral nerve injuries. The company leverages proprietary biologic and medical device technologies to address critical gaps in nerve repair, offering off-the-shelf and specialized products that reduce surgical complexity and improve patient outcomes. With a diversified product portfolio and a focused commercial strategy, Axogen maintains a competitive position in the nerve repair segment of the medical device industry.
What this transaction means for investors
Before reading too much into Capricorn’s sudden interest in Axogen, it’s important to remember this company has reported steady losses, on a GAAP basis, for over a decade.
Axogen was the second largest new investment Capricorn added to its portfolio in the first quarter. It also plowed $29.9 million into Carvana.
Axogen plans to report first quarter results on April 28, 2026. In 2025, the marketer of innovative nerve repair solutions reported a $15.7 million net loss. On an adjusted basis, though, it earned $14.4 million, or $0.34 per share.
Capricorn may have been encouraged by the FDA’s approval of Axogen’s Avance product for treating peripheral nerve discontinuities last December. Securing reimbursement could be less of a challenge now that it’s a licensed biologic and not just a human tissue product.
Axogen expects the approval to drive total 2026 revenue at least 18% higher year over year. Management also expects positive free cash flow this year.
