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

MiMedx Group, Inc. (NASDAQ:MDXG)’s stock 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.

Analyst Ratings Changes

Several research firms have issued reports on MDXG. Craig Hallum dropped their price target on MiMedx Group from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 target price on shares of MiMedx Group in a report on Thursday, August 1st. Finally, StockNews.com raised MiMedx Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, MiMedx Group has an average rating of “Buy” and a consensus target price of $12.00.

MiMedx Group Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.22 and a current ratio of 3.85. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 12.60 and a beta of 1.97. The business’s 50 day moving average is $6.06 and its 200 day moving average is $6.67.

MiMedx Group (NASDAQ:MDXG) last issued its earnings results on Wednesday, July 31st. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $88.44 million. MiMedx Group had a return on equity of 27.28% and a net margin of 23.86%. Equities analysts expect that MiMedx Group, Inc. will post 0.26 earnings per share for the current year.

Institutional Investors Weigh In On MiMedx Group

A number of institutional investors have recently bought and sold shares of the business. ProShare Advisors LLC increased its holdings in shares of MiMedx Group by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 20,735 shares of the company’s stock valued at $160,000 after purchasing an additional 1,631 shares during the period. Allspring Global Investments Holdings LLC increased its stake in MiMedx Group by 1.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 183,021 shares of the company’s stock valued at $1,082,000 after buying an additional 1,822 shares during the period. Hsbc Holdings PLC lifted its position in MiMedx Group by 7.3% in the 2nd quarter. Hsbc Holdings PLC now owns 34,343 shares of the company’s stock worth $233,000 after buying an additional 2,329 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of MiMedx Group by 7.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 45,623 shares of the company’s stock valued at $316,000 after buying an additional 3,222 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of MiMedx Group by 1.1% during the 2nd quarter. Marshall Wace LLP now owns 298,818 shares of the company’s stock valued at $2,071,000 after acquiring an additional 3,223 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

About MiMedx Group

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.