Sell Last Quarter Positions in AxoGen (AXGN) and IntriCon (IIN)
We’ve held on to quarter-sized stakes in a few positions in the event that the market firms up and turns north. That hasn’t happened, so it’s time to step completely aside from both AxoGen (AXGN) and IntriCon (IIN).
In the case of AxoGen, the selling has intensified today after a hatchet piece was published questioning the viability of the company. You can find it on Seeking Alpha; it was written by a group calling themselves Seligman Investments. The piece follows the typical playbook of questioning just about everything under the sun, being very long in length, and being published at a great time (the stock is weak). Usually these things come and go, but they certainly hurt in the short term.
The details don’t matter as the stock has been trending down and it’s time to step aside anyway. It’s hard to say what will happen to the stock over the coming days. We could easily see a bounce tomorrow, or later in the week. If you’re willing to be patient and roll with the volatility you can sell out of your position slowly. I’m nearly certain we’ll see management and/or analysts come out in defense of the company. But in this market it’s likely to take a while before the stock will firm up and move meaningfully higher. SELL YOUR LAST QUARTER.
There is no new news on IntriCon, good or bad. The stock just continues to trickle lower so it’s best to move on. SELL YOUR LAST QUARTER.
Both AxoGen and IntriCon will go on my watch list and be considered for inclusion if they start to shape up.