H.C. Wainwright analyst Swayampakula Ramakanth lowered the firm’s price target on MiMedx to $8 from $9.50 and keeps a Buy rating on the shares after the company announced a strategic realignment to focus on the Wound and Surgical business while disbanding the Regenerative Medicine unit, including terminating the company’s Knee Osteoarthritis program. The firm, which said it was “not entirely surprised by management’s decision,” removed projected revenues from the KOA program and adjusted 2023 Wound and Surgical sales estimates to reflect management guidance for mid-teen growth.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on MDXG:
- MiMedx suspends KOA activity, disbands regenerative medicine business unit
- MIMEDX Announces Strategic Realignment: Increases Focus on Wound & Surgical Business, Expected to Significantly Improve Profitability
- MiMedx shares spike 37% after reporting double-digit net sales growth in Q1
- MiMedx price target raised to $9.50 from $8 at H.C. Wainwright
- MiMedx believes capable of delivering sales growth in the low double-digits