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 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 also recently weighed in on MDXG. Piper Jaffray Companies reiterated a “buy” rating and set a $18.00 price target on shares of MiMedx Group in a research note on Sunday, August 20th. Needham & Company LLC lifted their price target on shares of MiMedx Group from $20.00 to $21.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 5th. Lake Street Capital lifted their price target on shares of MiMedx Group from $16.00 to $18.00 and gave the stock 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 investment analysts have rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. MiMedx Group has a consensus rating of “Hold” and a consensus target price of $14.83.
MiMedx Group (NASDAQ:MDXG) last posted its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share for the quarter, hitting 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 firm had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. The business’s revenue was up 33.3% compared to the same quarter last year.
MiMedx Group announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 26th that permits the company to repurchase $14.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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Several large investors have recently modified their holdings of the company. Eqis Capital Management Inc. acquired a new stake in shares of MiMedx Group in the 3rd quarter valued at $213,000. Mesirow Financial Investment Management Inc. acquired a new stake in shares of MiMedx Group in the 2nd quarter valued at $531,000. Verition Fund Management LLC acquired a new stake in shares of MiMedx Group in the 2nd quarter valued at $518,000. Piedmont Investment Advisors LLC acquired a new stake in shares of MiMedx Group in the 2nd quarter valued at $330,000. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of MiMedx Group by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock valued at $129,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 60.37% of the company’s stock.
MiMedx Group Company Profile
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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