ORGO - Why Shares of Organogenesis Climbed Wednesday
2023-05-24 15:02:19 ET
Shares of Organogenesis (NASDAQ: ORGO) were up 15.4% Wednesday afternoon after being up as much as 21.2% Wednesday morning. The healthcare company sells advanced wound care products for surgical and sports medicine applications.
Integra LifeSciences said on Tuesday that it was doing a voluntary recall of products , which could be worth as much as $60 million if the recall lasts all of 2023. Integra said it was doing a global recall of all SurgiMed, PriMatrix, Revize, and TissueMend surgical tissue made at its Boston facility and manufacturing at the site will be halted for now.
Based partly on that news and a better-than-expected first-quarter report for Organogenesis, BTIG analyst Ryan Zimmerman upgraded his rating from neutral to buy for Organogenesis, with a price target of $10.
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Why Shares of Organogenesis Climbed Wednesday