Canaccord Maintains Buy on MiMedx Group Inc Following Analyst Day
In a research note issued today, Canaccord analyst William Plovanic maintained a Buy rating on shares of MiMedx Group Inc (NASDAQ:MDXG), with a price target of $14, after the company hosted its annual analyst day yesterday in New York City. MiMedx shares are currently trading at $8.01, down $0.43 or 5.09 percent.
Plovanic noted, “MiMedx outlined the broad product portfolio that now includes amniotic tissue, amniotic fluid, and collagen technology based products. We heard from practicing physicians and management on the broad applicability of the technologies, as well as numerous clinical studies and case series that showed product superiority over existing competitors in the market.”
“We came away from the analyst day with more insight on MiMedx’s future opportunities as it expands beyond the traditional wound care market. MiMedx has opportunities in areas such as osteoarthritis, surgical, sports medicine, but will need to gain clinical acceptance in these respective areas. Additionally, MiMedx is expanding deeper into the wound care areas with applications for pressure ulcers and trauma beyond the traditional DFU and VLU market segments,” the analyst continued.
Plovanic concluded, “We believe MiMedx is well positioned as it transforms itself to a platform technology company with numerous growth opportunities. That said, we believe future growth will be at a more measured pace as clinical data and distribution is established in these new market segments outside of wound care.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst William Plovanic has a total average return of 7.1% and a 49.0% success rate. Plovanic has a 15.2% average return when recommending MDXG, and is ranked #405 out of 3773 analysts.
Out of the 4 analysts polled by TipRanks, 3 rate MiMedx Group stock a Buy, while 1 rates the stock a Hold. With a return potential of 65%, the stock’s consensus target price stands at $13.25.