AngioDynamics (NASDAQ:ANGO) Hits New 12-Month High After Strong Earnings

AngioDynamics, Inc. (NASDAQ:ANGO) hit a new 52-week high during mid-day 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 traded. The stock had previously closed at $9.40.

The medical instruments supplier reported ($0.04) earnings per share (EPS) 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 business had revenue of $72.90 million for the quarter, compared to analyst estimates of $70.93 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year.

Wall Street Analyst Weigh In

ANGO has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $14.00 price objective on shares of AngioDynamics in a report on Tuesday, December 10th. Canaccord Genuity Group reduced 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.

Institutional Investors Weigh In On AngioDynamics

A number of institutional investors have recently added to or reduced their stakes in ANGO. Quarry LP lifted its position in AngioDynamics by 75.1% in the second 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 period. CWM LLC lifted its position in AngioDynamics by 981.3% in the third quarter. CWM LLC now owns 9,732 shares of the medical instruments supplier’s stock worth $76,000 after purchasing an additional 8,832 shares during the period. Mackenzie Financial Corp acquired a new stake in AngioDynamics in the second quarter worth approximately $80,000. Wealth Enhancement Advisory Services LLC acquired a new stake in AngioDynamics in the third quarter worth approximately $86,000. Finally, AE Wealth Management LLC acquired a new stake in AngioDynamics in the second quarter worth approximately $87,000. 89.43% of the stock is currently owned by institutional investors and hedge funds.

AngioDynamics Stock Up 37.7 %

The stock has a market capitalization of $525.80 million, a price-to-earnings ratio of -2.12 and a beta of 0.59. The business has a 50-day simple moving average of $8.12 and a two-hundred day simple moving average of $7.38.

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.