MiniMed Group (NASDAQ:MMED) Trading Down 5% - Here's Why

Key Points

• MiniMed Group shares were trading down about 5% mid-day at roughly $14.47, with volume of ~159,725 shares — an 85% drop from its average daily volume of 1,036,659.
• Analysts are largely positive: 11 Buy and 2 Hold ratings for an overall "Moderate Buy" consensus and an average target price of $22.45, with recent coverage from Citi, Evercore, Morgan Stanley and Deutsche Bank setting targets between $19 and $23.
• MiniMed is a scaled global medical-technology company focused on diabetes care and is positioned as the only player commercializing all parts of an integrated diabetes management system.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) was down 5% during mid-day trading on Thursday . The stock traded as low as $14.56 and last traded at $14.4660. Approximately 159,725 shares were traded during trading, a decline of 85% from the average daily volume of 1,036,659 shares. The stock had previously closed at $15.22.

Analyst Ratings Changes

Several analysts have issued reports on MMED shares. Evercore started coverage on shares of MiniMed Group in a research report on Tuesday, March 31st. They set an "outperform" rating and a $20.00 price target on the stock. Zacks Research raised shares of MiniMed Group to a "hold" rating in a research report on Thursday, April 9th. Morgan Stanley started coverage on MiniMed Group in a report on Tuesday, March 31st. They set an "overweight" rating and a $19.00 target price on the stock. Citigroup started coverage on MiniMed Group in a report on Tuesday, March 31st. They set a "buy" rating and a $23.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on MiniMed Group in a report on Tuesday, March 31st. They set a "buy" rating and a $20.00 target price on the stock. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $22.45.

MiniMed Group Price Performance

About MiniMed Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.