Short Interest in MiMedx Group Inc (MDXG) Drops By 6.8%
MiMedx Group Inc (NASDAQ:MDXG) saw a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 38,958,998 shares, a decrease of 6.8% from the January 12th total of 41,810,463 shares. Currently, 37.9% of the shares of the company are short sold. Based on an average daily trading volume, of 2,153,130 shares, the days-to-cover ratio is currently 18.1 days.
Institutional investors and hedge funds have recently made changes to their positions in the company. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of MiMedx Group in the 3rd quarter valued at about $119,000. PVG Asset Management Corp purchased a new position in shares of MiMedx Group in the 3rd quarter valued at about $127,000. Ameritas Investment Partners Inc. increased its holdings in shares of MiMedx Group by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock valued at $129,000 after purchasing an additional 600 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of MiMedx Group by 6,262.5% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,725 shares of the medical equipment provider’s stock valued at $151,000 after purchasing an additional 12,525 shares in the last quarter. Finally, Sapphire Star Partners LP acquired a new stake in MiMedx Group in the 3rd quarter valued at about $152,000. Institutional investors and hedge funds own 69.23% of the company’s stock.
MDXG has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and set a $21.00 price objective on shares of MiMedx Group in a research report on Monday, October 30th. Piper Jaffray Companies reiterated a “buy” rating and issued a $18.00 price target on shares of MiMedx Group in a report on Friday, November 24th. Zacks Investment Research downgraded shares of MiMedx Group from a “hold” rating to a “sell” rating in a report on Friday, December 8th. Lake Street Capital set a $18.00 price target on shares of MiMedx Group and gave the company a “buy” rating in a report on Thursday, December 14th. Finally, BidaskClub upgraded shares of MiMedx Group from a “sell” rating to a “hold” rating in a report on Wednesday, December 27th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. MiMedx Group presently has a consensus rating of “Hold” and a consensus target price of $17.00.
MiMedx Group declared that its Board of Directors has initiated a share buyback plan on Wednesday, December 13th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the medical equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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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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