Zacks Investment Research cut shares of MiMedx Group, Inc (NASDAQ:MDXG) from a hold rating to a sell rating in a research report sent to investors on Tuesday.
According to Zacks, “MiMedx is an integrated developer, processor and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. Innovations in Regenerative Biomaterials is the framework behind their mission to give physicians products and tissues to help the body heal itself. Their biomaterial platform technologies include AmnioFix and EpiFix, their tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through their donor program, a mother delivering via full-term Caesarean section birth can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. They process the human amniotic membrane utilizing their proprietary PURION Process, to produce a safe and effective implant. “
A number of other research firms have also commented on MDXG. Piper Jaffray Companies reiterated a buy rating and set a $18.00 price objective on shares of MiMedx Group in a research note on Sunday, August 20th. Needham & Company LLC raised their price objective on shares of MiMedx Group from $20.00 to $21.00 and gave the company a strong-buy rating in a research note on Tuesday, September 5th. Lake Street Capital raised their price objective on shares of MiMedx Group from $16.00 to $18.00 and gave the company a buy rating in a research note on Friday, July 28th. Finally, BidaskClub upgraded shares of MiMedx Group from a hold rating to a buy rating in a research note on Saturday, June 24th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $14.83.
MiMedx Group (MDXG) traded down 1.36% during trading on Tuesday, reaching $13.03. The company’s stock had a trading volume of 1,179,983 shares. MiMedx Group has a 52 week low of $7.64 and a 52 week high of $17.47. The firm has a 50 day moving average of $13.70 and a 200 day moving average of $13.81. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 68.58 and a beta of 0.91.
MiMedx Group (NASDAQ:MDXG) last posted its quarterly earnings data on Wednesday, July 26th. The medical equipment provider reported $0.07 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.07. MiMedx Group had a net margin of 7.48% and a return on equity of 15.95%. The business had revenue of $76.40 million for the quarter, compared to analyst estimates of $74.22 million. During the same quarter last year, the business earned $0.05 earnings per share. The business’s revenue for the quarter was up 33.3% on a year-over-year basis. Analysts expect that MiMedx Group will post $0.31 EPS for the current year.
MiMedx Group declared that its board has initiated a stock buyback program on Wednesday, July 26th that allows the company to repurchase $14.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Institutional investors have recently bought and sold shares of the business. Kestrel Investment Management Corp acquired a new position in MiMedx Group in the second quarter worth approximately $10,210,000. State of Wisconsin Investment Board acquired a new position in MiMedx Group in the second quarter worth approximately $1,183,000. Paradigm Asset Management Co. LLC acquired a new position in MiMedx Group in the second quarter worth approximately $167,000. OppenheimerFunds Inc. grew its position in MiMedx Group by 45.2% in the first quarter. OppenheimerFunds Inc. now owns 22,860 shares of the medical equipment provider’s stock worth $217,000 after buying an additional 7,112 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in MiMedx Group in the second quarter worth approximately $504,000. Hedge funds and other institutional investors own 60.37% of the company’s stock.
About MiMedx Group
MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.
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