MiniMed Group (NASDAQ:MMED) Hits New 52-Week Low - Here's What Happened

Key Points

• Shares hit a new 52-week low, trading as low as $11.52 and last at $11.68 on Wednesday with about 452,520 shares changing hands (previous close $11.87).
• Despite the pullback, multiple firms (Wells Fargo, Goldman Sachs, Bank of America, Citigroup, William Blair) initiated coverage with mostly buy/overweight/outperform ratings; the consensus is a Moderate Buy with an average target price of $22.45.
• MiniMed Group is a scaled global medical-technology company focused on integrated diabetes-management systems and says it is the only company commercializing all parts of an integrated diabetes management system.

Shares of MiniMed Group Inc (NASDAQ:MMED - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $11.52 and last traded at $11.68, with a volume of 452520 shares trading hands. The stock had previously closed at $11.87.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wells Fargo & Company started coverage on shares of MiniMed Group in a research note on Tuesday, March 31st. They issued an "overweight" rating and a $26.00 target price for the company. The Goldman Sachs Group started coverage on shares of MiniMed Group in a research note on Tuesday, March 31st. They set a "buy" rating and a $24.00 price objective on the stock. Bank of America started coverage on shares of MiniMed Group in a research note on Tuesday, March 31st. They set a "buy" rating and a $27.00 price objective on the stock. Citigroup started coverage on shares of MiniMed Group in a research note on Tuesday, March 31st. They set a "buy" rating and a $23.00 price objective on the stock. Finally, William Blair started coverage on shares of MiniMed Group in a research note on Tuesday, March 31st. They set an "outperform" rating on the stock. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.45.

MiniMed Group Stock Performance

MiniMed Group Company Profile

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes. Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system.

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