MiMedx Group Receives a Buy from Canaccord Genuity

By George MacDonald

Canaccord Genuity analyst William Plovanic reiterated a Buy rating on MiMedx Group (NASDAQ: MDXG) today and set a price target of $10. The company’s shares opened today at $8.98.

Plovanic commented, “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.

Based on MiMedx Group`s latest earnings report from September 30, the company posted quarterly revenue of $49.02M and quarterly net profit of $6.55M. In comparison, last year the company earned revenue of $33.52M and had a net profit of $3.7M.

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.