This Medical Technology Outlet Popped In Bullish Fashion On Acquisition [Investor's Business Daily]
WRIGHT MEDICAL GROUP NV (WMGI)
Last wright medical group nv earnings: 2/24 05:04 pm
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Source: Investors Business Daily
Related news Wright Medical Group ( WMGI ) popped in bullish fashion Tuesday after announcing its $435 million plan to acquire cartilage implant maker Cartiva and raising its full-year outlook. On the stock market today , Wright stock jumped 5.6%, to 28.28. Earlier this month, shares broke out of a cup formation with a buy point at 27.42. Tuesday's volume was the largest since its breakout day on Aug. 9. Needham analyst Mike Matson upgraded Wright stock to a buy rating from hold. He has a 30 price target on shares. Cartiva makes a synthetic cartilage implant for arthritis of the big toe. At 120,000 procedures annually, the market is worth about $400 million in the U.S., he said. But that view is likely conservative, Matson said. Wright expects Cartiva to add $35 million in 2018, growing by half year over year, and $47 million in 2019. He notes Wright's lower extremities sales force is double the size of Cartiva's. International sales also present an untapped opportunity. "We believe
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