AngioDynamics (NASDAQ:ANGO) Reaches New 12-Month High After Better-Than-Expected Earnings

AngioDynamics, Inc. (NASDAQ:ANGO)’s stock price hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $12.82 and last traded at $12.33, with a volume of 2066962 shares trading hands. The stock had previously closed at $9.40.

The medical instruments supplier reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.07. The company had revenue of $72.90 million for the quarter, compared to the consensus estimate of $70.93 million. AngioDynamics had a negative net margin of 83.95% and a negative return on equity of 5.86%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Canaccord Genuity Group lowered their price objective on AngioDynamics from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, October 4th. HC Wainwright reiterated a “buy” rating and issued a $14.00 price target on shares of AngioDynamics in a research note on Tuesday, December 10th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ANGO. Quarry LP grew its position in AngioDynamics by 75.1% during the 2nd quarter. Quarry LP now owns 6,047 shares of the medical instruments supplier’s stock worth $37,000 after purchasing an additional 2,594 shares during the last quarter. CWM LLC grew its holdings in shares of AngioDynamics by 981.3% during the third quarter. CWM LLC now owns 9,732 shares of the medical instruments supplier’s stock worth $76,000 after buying an additional 8,832 shares during the last quarter. Mackenzie Financial Corp acquired a new position in AngioDynamics in the 2nd quarter valued at about $80,000. Wealth Enhancement Advisory Services LLC purchased a new stake in AngioDynamics during the 3rd quarter valued at approximately $86,000. Finally, AE Wealth Management LLC acquired a new stake in AngioDynamics during the 2nd quarter worth approximately $87,000. Institutional investors and hedge funds own 89.43% of the company’s stock.

AngioDynamics Trading Up 31.2 %

The company has a market capitalization of $501.02 million, a PE ratio of -2.02 and a beta of 0.59. The firm has a 50 day simple moving average of $7.87 and a two-hundred day simple moving average of $7.30.

AngioDynamics Company Profile

AngioDynamics, Inc, a medical technology company, engages in the design, manufacture, and sale of medical, surgical, and diagnostic devices for the use in treating peripheral vascular disease, and oncology and surgical settings in the United States and internationally. The company offers Auryon Atherectomy system that is designed to deliver an optimized wavelength, pulse width, and amplitude to remove lesions while preserving vessel wall endothelium.