AngioDynamics (NASDAQ:ANGO) Sets New 52-Week High After Strong Earnings

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

The medical instruments supplier reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.07. The business 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 business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share.

Analyst Ratings Changes

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

Hedge Funds Weigh In On AngioDynamics

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its position in AngioDynamics by 110.4% in the third quarter. BNP Paribas Financial Markets now owns 159,391 shares of the medical instruments supplier’s stock valued at $1,240,000 after purchasing an additional 83,622 shares during the period. State Street Corp raised its stake in shares of AngioDynamics by 2.7% during the third quarter. State Street Corp now owns 810,372 shares of the medical instruments supplier’s stock valued at $6,305,000 after purchasing an additional 21,218 shares during the period. First Eagle Investment Management LLC acquired a new position in shares of AngioDynamics during the second quarter worth $1,321,000. Systematic Financial Management LP increased its stake in AngioDynamics by 8.4% during the 2nd quarter. Systematic Financial Management LP now owns 2,109,561 shares of the medical instruments supplier’s stock worth $12,763,000 after buying an additional 162,972 shares during the period. Finally, CWM LLC lifted its holdings in AngioDynamics by 981.3% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 89.43% of the company’s stock.

AngioDynamics Stock Up 31.2 %

The firm has a 50 day moving average price of $7.87 and a two-hundred day moving average price of $7.30. The company has a market capitalization of $501.02 million, a price-to-earnings ratio of -2.02 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.