MiMedx Group (NASDAQ:MDXG) Stock Falls 7.6% – Here’s Why

MiMedx Group, Inc (NASDAQ:MDXG) fell 7.6% on Monday. The stock traded as low as $3.65 and last traded at $3.5860. 243,377 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,308,218 shares. The stock had previously closed at $3.88.

Wall Street Analysts Forecast Growth

MDXG has been the subject of a number of analyst reports. Seaport Research Partners downgraded MiMedx Group to a “neutral” rating in a research note on Monday, August 17th. Mizuho set a $7.00 price objective on MiMedx Group in a research note on Thursday, October 29th. Craig Hallum increased their price objective on MiMedx Group from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Weiss Ratings lowered MiMedx Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 29th. Finally, Wall Street Zen raised MiMedx Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.14.

MiMedx Group Price Performance

The company’s fifty day moving average price is $4.44 and its 200 day moving average price is $4.27. The company has a market cap of $474.27 million, a PE ratio of -25.00 and a beta of 1.17.

MiMedx Group (NASDAQ:MDXG) last released its quarterly earnings results on Wednesday, October 28th. The company reported ($0.01) earnings per share for the quarter. MiMedx Group had a positive return on equity of 2.39% and a negative net margin of 6.32%. The firm had revenue of $62.28 million for the quarter, compared to analysts’ expectations of $68.56 million. On average, analysts forecast that MiMedx Group, Inc will post -0.08 EPS for the current year.

Hedge Funds Weigh In On MiMedx Group

A number of hedge funds and other institutional investors have recently modified their holdings of MDXG. Parallel Advisors LLC boosted its stake in MiMedx Group by 2,248.3% in the third quarter. Parallel Advisors LLC now owns 7,632 shares of the company’s stock valued at $36,000 after acquiring an additional 7,307 shares during the last quarter. GAMMA Investing LLC grew its position in shares of MiMedx Group by 2,422.5% during the 3rd quarter. GAMMA Investing LLC now owns 7,719 shares of the company’s stock valued at $36,000 after acquiring an additional 7,413 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of MiMedx Group during the 1st quarter worth approximately $42,000. E Fund Management Co. Ltd. purchased a new stake in shares of MiMedx Group during the 2nd quarter worth approximately $45,000. Finally, Syon Capital LLC purchased a new stake in shares of MiMedx Group during the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

MiMedx Group Company Profile

MiMedx Group, Inc (NASDAQ: MDXG) is a biotechnology company focused on developing and commercializing human placental tissue allografts for wound care and other medical applications. The company’s products are derived from donated placental tissue and are processed using its proprietary PURION technology platform.

MiMedx’s portfolio includes tissue-based products such as EPIFIX and EPICORD, which are used primarily by healthcare professionals in the management of chronic and acute wounds, including diabetic foot ulcers and other hard-to-heal wounds.