MiMedx Group, Inc (NASDAQ:MDXG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

According to Zacks, “MiMedx is an integrated developer, processor and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. Innovations in Regenerative Biomaterials is the framework behind their mission to give physicians products and tissues to help the body heal itself. Their biomaterial platform technologies include AmnioFix and EpiFix, their tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through their donor program, a mother delivering via full-term Caesarean section birth can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. They process the human amniotic membrane utilizing their proprietary PURION Process, to produce a safe and effective implant. “

Several other equities research analysts have also recently commented on the company. Needham & Company LLC raised their target price on MiMedx Group from $20.00 to $21.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 5th. BidaskClub cut MiMedx Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Lake Street Capital raised their target price on MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a research note on Sunday, August 20th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. MiMedx Group has an average rating of “Hold” and an average price target of $14.83.

MiMedx Group (NASDAQ:MDXG) traded up 6.12% during trading on Wednesday, hitting $12.48. The stock had a trading volume of 2,520,463 shares. The stock has a 50 day moving average of $14.45 and a 200 day moving average of $13.70. MiMedx Group has a one year low of $7.64 and a one year high of $17.47. The firm has a market capitalization of $1.34 billion, a P/E ratio of 65.68 and a beta of 0.91.

MiMedx Group (NASDAQ:MDXG) last released its earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The business had revenue of $76.40 million during the quarter, compared to analysts’ expectations of $74.22 million. During the same quarter last year, the firm posted $0.05 earnings per share. The firm’s revenue was up 33.3% on a year-over-year basis. Equities research analysts expect that MiMedx Group will post $0.31 earnings per share for the current fiscal year.

MiMedx Group declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $14.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

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A number of large investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of MiMedx Group by 0.7% in the second quarter. BlackRock Inc. now owns 12,187,736 shares of the medical equipment provider’s stock valued at $182,451,000 after purchasing an additional 82,382 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of MiMedx Group by 11.1% in the second quarter. Vanguard Group Inc. now owns 5,661,111 shares of the medical equipment provider’s stock valued at $84,746,000 after purchasing an additional 566,114 shares in the last quarter. State Street Corp lifted its holdings in shares of MiMedx Group by 21.9% in the second quarter. State Street Corp now owns 3,960,317 shares of the medical equipment provider’s stock valued at $59,281,000 after purchasing an additional 710,515 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of MiMedx Group by 21.1% in the first quarter. Macquarie Group Ltd. now owns 3,544,519 shares of the medical equipment provider’s stock valued at $33,779,000 after purchasing an additional 618,222 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of MiMedx Group by 53.1% in the first quarter. Wellington Management Group LLP now owns 2,215,575 shares of the medical equipment provider’s stock valued at $21,114,000 after purchasing an additional 768,857 shares in the last quarter. Institutional investors and hedge funds own 60.35% of the company’s stock.

About MiMedx Group

MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.

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