ANGO - Why AngioDynamics Stock Popped on Monday
2023-09-25 13:21:34 ET
Shares of medical device manufacturer AngioDynamics (NASDAQ: ANGO) jumped 5.3% through 12:05 p.m. ET on Monday ahead of its expected earnings release next month. This morning, investment bank H.C. Wainwright initiated coverage of AngioDynamics stock with a buy rating .
The company has a couple of key products: AlphaVac, a device for removing blood clots from veins; and NanoKnife, which uses electricity to destroy cancerous cells. With these and other tools, H.C. Wainwright says, AngioDynamics is a stock with the potential to "continue to grow at an annual rate around 20%," reports TheFly.com in coverage of Wainwright's report -- and that would help the stock nearly triple in price over the next 12 months to a target of $19.
But right now, AngioDynamics isn't growing anywhere near 20% annually. Last month, the company grew its revenue less than 5%, and was not profitable. Furthermore, according to data from S&P Global Market Intelligence , revenue growth has averaged something closer to 8.6% annually over the past three years. So if anything, the growth rate seems to be slowing down.
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Why AngioDynamics Stock Popped on Monday