MiMedx Group (NASDAQ:MDXG) Shares Gap Up – Here’s What Happened

MiMedx Group, Inc. (NASDAQ:MDXG)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $5.69, but opened at $6.22. MiMedx Group shares last traded at $6.98, with a volume of 221,017 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. StockNews.com downgraded MiMedx Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of MiMedx Group in a research report on Thursday, August 1st. Finally, Craig Hallum reduced their price objective on MiMedx Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $12.00.

MiMedx Group Stock Performance

The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 12.48 and a beta of 1.97. The company has a current ratio of 3.85, a quick ratio of 3.22 and a debt-to-equity ratio of 0.11. The firm has a 50-day simple moving average of $6.05 and a two-hundred day simple moving average of $6.66.

MiMedx Group (NASDAQ:MDXG) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $88.44 million. MiMedx Group had a net margin of 23.63% and a return on equity of 34.24%. As a group, sell-side analysts forecast that MiMedx Group, Inc. will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MiMedx Group

A number of large investors have recently added to or reduced their stakes in the stock. Cannon Global Investment Management LLC raised its holdings in MiMedx Group by 47.1% in the 3rd quarter. Cannon Global Investment Management LLC now owns 25,000 shares of the company’s stock worth $148,000 after acquiring an additional 8,000 shares during the period. Harbor Capital Advisors Inc. increased its stake in MiMedx Group by 299.9% during the third quarter. Harbor Capital Advisors Inc. now owns 1,027,738 shares of the company’s stock valued at $6,074,000 after acquiring an additional 770,744 shares during the period. Farther Finance Advisors LLC raised its holdings in MiMedx Group by 88.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 24,599 shares of the company’s stock valued at $145,000 after acquiring an additional 11,557 shares in the last quarter. Calton & Associates Inc. bought a new stake in shares of MiMedx Group in the 3rd quarter worth approximately $137,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of MiMedx Group by 1.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 183,021 shares of the company’s stock worth $1,082,000 after purchasing an additional 1,822 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

MiMedx Group Company Profile

MiMedx Group, Inc develops and distributes placental tissue allografts for various sectors of healthcare. It processes the human placental tissues utilizing its patented and proprietary PURION process to produce allografts that retains the tissue's inherent biological properties and regulatory proteins.