Axogen slides on surgical device maker's $124 mln stock sale

Shares of surgical device maker Axogen AXGN.O down 7.2% at $30.62 premarket after $124 mln overnight follow-on priced

Florida-based firm late Weds announced 4 mln shares at $31

Offering size increased from $85 mln, and priced at 6.1% discount to stock's last sale

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

Wells Fargo and Mizuho lead joint bookrunners

Co has 46.1 mln shares outstanding

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

Through Weds close, AXGN shares rallied ~83% over the past three months

All 10 analysts covering the stock are bullish and their median PT is $38, per LSEG