Canaccord Genuity Reiterates a Buy Rating on MiMedx Group

By George MacDonald

In a report released today, William Plovanic from Canaccord Genuity reiterated a Buy rating on MiMedx Group (NASDAQ: MDXG), with a price target of $10. The company’s shares opened today at $8.98.

Plovanic noted, “We reiterate our BUY rating and $10 PT following initial 2016 guidance issued by MiMedx.”

Currently, the analyst consensus on MiMedx Group is Strong Buy and the average price target is $11, representing a 22.5% upside. In a report released today, Brean Capital also reiterated a Buy rating on the stock with a $12 price target.

MiMedx Group`s market cap is currently $903.3M and has a P/E ratio of 46.4. The company has a book value ratio of 8.78%.

Like Canaccord Genuity`s latest rating, based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDXG in relation to earlier this year. Last month, Charles Robert Evans, a a Director at MDXG bought 10,000 shares for a total of $78,300.

According to TipRanks.com, Plovanic is a 4-star analyst with an average return of 4.4% and a 48.5% success rate. Plovanic covers the healthcare sector, focusing on stocks such as Biomimetic Therapeutics, China Kanghui Holdings, and Obagi Medical Products.

MiMedx Group Inc is a developer, manufacturer and marketer of patent-protected regenerative biomaterial products and bioimplants processed from human amniotic membrane.