Surgical device maker Axogen falls on stock offering plans

Axogen AXGN.O shares down 4.9% post-market to $31.38 after planned equity raise news

Surgical device maker announces $85 mln stock offering

It intends to use net offering proceeds for early payoff and termination of term loan facility with Oberland Capital, working capital, capex and other general corporate purposes

Wells Fargo and Mizuho lead joint bookrunners

Florida-based firm has 46.1 mln shares outstanding for about $1.5 bln market cap

The U.S. FDA last month approved co's nerve repair graft, paving the way for up to 12 years of potential market exclusivity

AXGN stock on Weds ended up 3.6% at $33.01. It has rallied about 83% over the past three months

All 10 analysts are bullish on the stock; median PT $38, per LSEG