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

AngioDynamics, Inc. (NASDAQ:ANGO) shares hit a new 52-week high 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 traded. 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. 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 prior year, the firm earned ($0.05) EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year.

Wall Street Analyst Weigh In

ANGO has been the subject of a number of recent research reports. Canaccord Genuity Group cut 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 reissued a “buy” rating and set a $14.00 target price on shares of AngioDynamics in a research note on Tuesday, December 10th.

Institutional Trading of AngioDynamics

Several large investors have recently added to or reduced their stakes in ANGO. Quarry LP increased its stake in shares of 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 acquiring an additional 2,594 shares during the last quarter. CWM LLC increased its stake in shares of 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 acquiring an additional 8,832 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of AngioDynamics in the second quarter worth $80,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of AngioDynamics in the third quarter worth $86,000. Finally, AE Wealth Management LLC acquired a new position in shares of AngioDynamics in the second quarter worth $87,000. 89.43% of the stock is owned by institutional investors and hedge funds.

AngioDynamics Stock Up 37.7 %

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

About AngioDynamics

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.