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MDXG

MiMedx

$7.12

-0.15 (-2.06%)

17:53
03/15/18
03/15
17:53
03/15/18
17:53

Piper suspends MiMedx rating, says DOJ review too much to digest

Piper Jaffray analyst Matt O'Brien suspended his rating and price target on MiMedx Group after the company disclosed that the Department of Justice is reviewing matters in parallel with an SEC investigation. The analyst, up until tonight, had an Overweight rating on MiMedx with an $18 price target. The stock closed the trading day down 15c to $7.12. "We have been standing by MiMedx in recent months despite numerous short selling reports on the company," O'Brien tells investors in a research note. He says, however, that the Department of Justice review, which is added to an Audit Committee and SEC investigation regarding the company's sales and distribution practices, is "simply too much for us to digest at the moment."

  • 05

    Apr

  • 29

    May

MDXG MiMedx
$7.12

-0.15 (-2.06%)

02/23/18
CHLM
02/23/18
NO CHANGE
Target $19
CHLM
Buy
MiMedx fundamentals, execution should ultimately 'win out,' says Craig-Hallum
Craig-Hallum analyst Matt Hewitt noted that MiMedx management hosted an update call to address investor concerns about the recently announced investigation into sales practices and accounting, during which they revealed that King & Spalding has been hired as an independent legal advisor and KPMG will provide forensic accounting services. Uncertainty surrounding the investigation and recent short seller attacks have pushed shares over 50% off of their highs, but Hewitt ultimately thinks the company's fundamentals and strong execution will "win out," making the stock "intriguing" at current levels, he tells investors. He keeps a Buy rating and $19 price target on MiMedx shares.
02/23/18
LSCM
02/23/18
DOWNGRADE
LSCM
Hold
MiMedx downgraded to Hold from Buy at Lake Street
02/23/18
02/23/18
DOWNGRADE
Target $9

Hold
MiMedx downgraded to Hold with $9 price target at Lake Street
As previously reported, Lake Street analyst Bruce Jackson downgraded MiMedx to Hold from Buy, stating that a resolution of the investigation into current and prior period sales and distribution practices is unlikely to be swift and the shares are unlikely to outperform until the investigation is resolved. If the investigation resolves favorably, the upside potential "would be significant and he would be an aggressive buyer of the stock, but for now Jackson cut his price target on MiMedx shares to $9 from $12.
02/27/18
CHLM
02/27/18
NO CHANGE
Target $19
CHLM
Buy
Craig-Hallum maintains Buy rating, $19 price target on MiMedx
Craig-Hallum analyst Matt Hewitt noted that MiMedx denied a report that it is under investigation by the Department of Justice, stating that it is not aware of any such investigation. While stating that "it is impossible to know for certain whether any nefarious activity has ever taken place at MiMedx," Hewitt points to several events over the past year that give him confidence in the integrity of the company's financials. If the company's financials are sound, he estimate that the stock is worth two and a half times the current price, added Hewitt, who keeps a Buy rating and $19 price target on MiMedx shares.

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