Needham Believes MiMedx Group (NASDAQ: MDXG) Still Has Room to Grow

By Austin Angelo

In a report released today, Michael Matson from Needham reiterated a Buy rating on MiMedx Group (NASDAQ: MDXG), with a price target of $20. The company’s shares closed last Friday at $15.71, close to its 52-week high of $16.04.

Matson wrote:

“We expect the upcoming top line data from MDXG’s diabetic foot ulcer (DFU) and venous leg ulcer (VLU) multi-center randomized controlled trials (RCTs) to be positive catalysts. MDXG disclosed positive interim results from the VLU RCT during its 3/9/17 investor call. Assuming good final results, we expect the trials to drive growth by prompting more insurers to cover EpiFix and more physicians to use EpiFix.”

According to TipRanks.com, Matson is a top 100 analyst with an average return of 14.9% and a 70.2% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

MiMedx Group has an analyst consensus of Moderate Buy, with a price target consensus of $19.

The company has a one year high of $16.04 and a one year low of $6.94. Currently, MiMedx Group has an average volume of 1.6M.

Based on the recent corporate insider activity of 31 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, William Charles Taylor, the President & COO of MDXG bought 19,723 shares for a total of $99,996.

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MiMedx Group, Inc. engages in the designing, manufacturing, and marketing of regenerative biomaterials products and tissue processing services for the wound care, surgical, sports medicine, ophthalmic and dental market categories. Its allograft product families include dHACM family with AmnioFix, EpiFix and EpiBurn brands; Amniotic Fluid family with OrthoFlo brand; Umbilical family with EpiCord™ and AmnioCord brands; Placental Collagen family with CollaFix and AmnioFill brands; Bone family with Physio brand; and Skin family with AlloBurn brand. The company was founded on July 30, 1985 and is headquartered in Marietta, GA.,075NPR-E