Barclays Reiterates a Buy Rating on Wright Medical Group

By Carrie Williams

In a report released today, Matthew Taylor from Barclays reiterated a Buy rating on Wright Medical Group (NASDAQ: WMGI), with a price target of $33. The company’s shares opened today at $21.88.

Taylor observed:

“We view this as a big overhang removal and the timing was a bit earlier than expected. Net-net, we view the results and settlement as a relief and reiterate our OW rating and PT.”

According to TipRanks.com, Taylor is a 4-star analyst with an average return of 3.5% and a 55.1% success rate. Taylor covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp., Zimmer Biomet Holdings, and Baxter International.

Currently, the analyst consensus on Wright Medical Group is Strong Buy and the average price target is $28.50, representing a 30.3% upside.

In a report released today, Leerink Swann also maintained a Buy rating on the stock with a $25 price target.

Based on Wright Medical Group’s latest earnings report from June 30, the company posted quarterly revenue of $170.7M and quarterly net profit of -$229.4M. In comparison, last year the company earned revenue of $74.94M and had a net profit of -$10.79M.

Wright Medical Group, Inc. engages in the design, manufacture, and distribution of biologic products. It provides surgical solutions for the foot and ankle market and its products include large joint implants for the hip and knee, extremity implants for the shoulder, elbow, hand, wrist and foot and biologic products, including bone graft substitutes. The company was founded by Frank O. Wright in 1950 and is headquartered in Arlington, TN.