MiMedx Group (NASDAQ:MDXG) Trading Down 6.4% – Here’s What Happened

MiMedx Group, Inc. (NASDAQ:MDXG) dropped 6.4% during trading on Wednesday . The stock traded as low as $8.64 and last traded at $8.65. Approximately 232,076 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 745,763 shares. The stock had previously closed at $9.24.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MDXG shares. Craig Hallum decreased their price target on shares of MiMedx Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 target price on shares of MiMedx Group in a report on Thursday, August 1st. Finally, StockNews.com lowered shares of MiMedx Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, MiMedx Group currently has an average rating of “Buy” and a consensus target price of $12.00.

MiMedx Group Price Performance

The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 16.76 and a beta of 1.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.53 and a current ratio of 4.10. The company has a 50-day simple moving average of $6.54 and a two-hundred day simple moving average of $6.83.

Institutional Trading of MiMedx Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Isthmus Partners LLC grew its position in shares of MiMedx Group by 30.4% in the 2nd quarter. Isthmus Partners LLC now owns 393,214 shares of the company’s stock valued at $27,000 after acquiring an additional 91,714 shares during the period. Blue Trust Inc. acquired a new stake in MiMedx Group in the 3rd quarter valued at about $30,000. Point72 Asset Management L.P. bought a new position in MiMedx Group during the second quarter worth about $40,000. Point72 DIFC Ltd increased its position in MiMedx Group by 127.6% during the third quarter. Point72 DIFC Ltd now owns 7,626 shares of the company’s stock worth $45,000 after buying an additional 4,275 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in MiMedx Group in the third quarter valued at approximately $64,000. 79.15% of the stock is owned by institutional investors.

MiMedx Group Company Profile

MiMedx Group, Inc develops and distributes placental tissue allografts for various sectors of healthcare. It processes the human placental tissues utilizing its patented and proprietary PURION process to produce allografts that retains the tissue’s inherent biological properties and regulatory proteins.