AngioDynamics (NASDAQ:ANGO) Reaches New 52-Week High After Better-Than-Expected Earnings

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

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Canaccord Genuity Group lowered their price target on shares of 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 reaffirmed a “buy” rating and set a $14.00 target price on shares of AngioDynamics in a research note on Tuesday, December 10th.

Hedge Funds Weigh In On AngioDynamics

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of AngioDynamics by 9.7% during the second quarter. Bank of New York Mellon Corp now owns 174,742 shares of the medical instruments supplier’s stock valued at $1,057,000 after acquiring an additional 15,412 shares in the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of AngioDynamics during the second quarter valued at $1,321,000. AE Wealth Management LLC bought a new stake in AngioDynamics in the 2nd quarter worth about $87,000. Cubist Systematic Strategies LLC raised its position in AngioDynamics by 15.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 226,503 shares of the medical instruments supplier’s stock worth $1,370,000 after buying an additional 29,669 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its stake in AngioDynamics by 135.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 109,536 shares of the medical instruments supplier’s stock valued at $663,000 after acquiring an additional 62,945 shares during the period. Hedge funds and other institutional investors own 89.43% of the company’s stock.

AngioDynamics Stock Performance

The business’s fifty day moving average price is $7.87 and its 200-day moving average price is $7.30. The stock has a market cap of $525.80 million, a PE ratio of -2.12 and a beta of 0.59.

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.