MiMedx Group, Inc (MDXG) Rating Lowered to Sell at Zacks Investment Research
MiMedx Group, Inc (NASDAQ:MDXG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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. “
Several other analysts also recently issued reports on the company. Needham & Company LLC upped their price objective on MiMedx Group from $20.00 to $21.00 and gave the company a “strong-buy” rating in a research report on Tuesday, September 5th. BidaskClub downgraded MiMedx Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $18.00 target price on shares of MiMedx Group in a research note on Sunday, August 20th. Finally, Lake Street Capital upped their target price on MiMedx Group from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.83.
Shares of MiMedx Group (NASDAQ MDXG) traded up 6.12% during mid-day trading on Wednesday, hitting $12.48. The company’s stock had a trading volume of 2,520,463 shares. MiMedx Group has a 12-month low of $7.64 and a 12-month high of $17.47. The company has a market cap of $1.34 billion, a PE ratio of 65.68 and a beta of 0.91. The stock has a 50-day moving average of $14.45 and a 200-day moving average of $13.70.
MiMedx Group (NASDAQ:MDXG) last issued its quarterly earnings data on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The business had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. During the same period in the prior year, the business earned $0.05 earnings per share. The business’s revenue was up 33.3% on a year-over-year basis. On average, equities research analysts forecast that MiMedx Group will post $0.31 EPS for the current year.
MiMedx Group announced that its Board of Directors has approved a stock buyback program on Wednesday, July 26th that permits the company to buyback $14.00 million in shares. This buyback authorization permits the medical equipment provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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A number of large investors have recently made changes to their positions in the business. Eqis Capital Management Inc. acquired a new stake in MiMedx Group during the third quarter worth about $213,000. Mesirow Financial Investment Management Inc. acquired a new stake in MiMedx Group during the second quarter worth about $531,000. Verition Fund Management LLC acquired a new stake in MiMedx Group during the second quarter worth about $518,000. Piedmont Investment Advisors LLC acquired a new stake in MiMedx Group during the second quarter worth about $330,000. Finally, Ameritas Investment Partners Inc. increased its stake in MiMedx Group by 7.5% during the second quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock worth $129,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 60.35% 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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