Axogen and the Curious Case of HighMark’s Holdings

It has come to my attention – and the attention of a rather meticulous clerk at the Securities and Exchange Commission, who, I suspect, measures the length of his mustache each morning with a surveyor’s chain – that HighMark Wealth Management has been accumulating shares of Axogen. Not a trifling amount, mind you, but a considerable 158,855. One can almost picture the stock certificates, stacked precariously high, threatening to topple over and bury a poor analyst beneath a blizzard of paper.

The filing, dated February 4th, 2026 – a date which, I am assured, is perfectly ordinary, despite a peculiar alignment of the planets – reveals an increase in HighMark’s position. Approximately four million dollars’ worth of Axogen was added to the portfolio, bringing the total holding to eleven point two million. A sum sufficient, one imagines, to purchase a small principality, or at least a rather comfortable collection of samovars.

Now, why this particular company? Axogen, you see, deals in nerves. Peripheral nerves, to be precise. The tiny, gossiping wires that connect us to the world. They repair them, reconnect them, and generally fuss over them as if they were delicate porcelain dolls. A curious occupation, wouldn’t you agree? One suspects a great deal of patience, and perhaps a slight aversion to the sensation of pins and needles.

HighMark’s stake now represents 4.6% of their 13F AUM. The other holdings, listed with the clinical precision of a taxidermist, include NYSEMKT:IVV, NYSEMKT:EFV, and the rather ominous-sounding NYSEMKT:IWM. One can only speculate on the internal debates that led to this particular allocation of funds. Perhaps a game of chance involving loaded dice and a particularly persuasive portfolio manager.

The stock itself, as of that same unremarkable February 4th, was trading at $34.22, a figure which, if one were to divide it by the number of hairs on a particularly hirsute baboon, would yield a result of… well, it would yield a rather messy calculation, and frankly, I haven’t the inclination to perform it.

Axogen’s revenue for the trailing twelve months reached $225 million, though they managed a net loss of $15 million. A curious state of affairs, to be sure. Like a man who spends a fortune on fine clothes, only to discover they don’t quite fit. However, their five-year revenue CAGR stands at 11.9%, suggesting a certain… resilience. Or perhaps, simply, a stubborn refusal to succumb to the inevitable.

HighMark, it seems, manages 588 positions and $245 million in U.S. equity assets. A veritable empire of numbers, built on the hopes and anxieties of countless investors. One imagines a vast, labyrinthine office filled with clerks hunched over ledgers, their faces illuminated by the flickering glow of gas lamps.

Metric	Value
Market Capitalization	$1.77 billion
Revenue (TTM)	$225.2 million
Net Income (TTM)	($15.7 million)
Price (as of market close February 4, 2026)	$34.22

Axogen, for those unfamiliar, develops surgical solutions for peripheral nerve repair. They sell things like Avance Nerve Grafts and AxoGuard Nerve Connectors – names which, frankly, sound like something out of a particularly eccentric science fiction novel. Their clientele includes plastic surgeons, orthopedic surgeons, and even military hospitals. One shudders to think what sort of nerve damage might befall a soldier in the line of duty.

The recent FDA approval of Avance, one of their main products, has undoubtedly boosted their prospects. It’s like giving a weary traveler a fresh pair of boots. Revenue surged 20% over 2024, reaching that aforementioned $225 million. Management, naturally, expresses confidence in their future growth. One can almost hear the self-satisfied smiles.

This transaction, therefore, suggests that HighMark sees value in Axogen. Perhaps they believe in the potential of nerve repair. Or perhaps they simply enjoy the thrill of the gamble. Whatever the reason, it’s a curious development in a world already overflowing with curiosities. And who knows? Perhaps, one day, we’ll all be walking around with perfectly repaired nerves, thanks to the efforts of Axogen and the shrewd investments of HighMark. Though, frankly, I wouldn’t count on it.

2026-02-24 17:02

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