Piper Jaffray Believes MiMedx Group (NASDAQ: MDXG) Won’t Stop Here

By Ryan Adsit

Piper Jaffray analyst Matthew O’Brien reiterated a Buy rating on MiMedx Group (NASDAQ: MDXG) on August 18 and set a price target of $18. The company’s shares closed on Friday at $16.52, close to its 52-week high of $17.36.

According to TipRanks.com, O’Brien is a top 100 analyst with an average return of 23.2% and a 68.8% success rate. O’Brien covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Zimmer Biomet Holdings, and Xtant Medical Holdings.

Currently, the analyst consensus on MiMedx Group is Moderate Buy and the average price target is $18, representing an 9.0% upside.

In a report issued on August 3, Needham also initiated coverage with a Buy rating on the stock.

Based on MiMedx Group’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $76.41 million and quarterly net profit of $8.07 million. In comparison, last year the company earned revenue of $57.34 million and had a net profit of $1.98 million.

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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.