Traders Purchase Large Volume of Call Options on MiniMed Group (NASDAQ:MMED)

MiniMed Group Inc (NASDAQ:MMED) saw unusually large options trading on Friday. Stock investors acquired 7,533 call options on the stock. This is an increase of 111% compared to the average volume of 3,563 call options.

MiniMed Group Trading Down 1.5%

Shares of MMED traded down $0.29 during mid-day trading on Friday, hitting $19.51. The company’s stock had a trading volume of 4,936,076 shares, compared to its average volume of 1,786,601. The company’s 50-day moving average is $20.60 and its 200-day moving average is $16.40. MiniMed Group has a 52-week low of $10.65 and a 52-week high of $24.43. The firm has a market capitalization of $5.49 billion and a price-to-earnings ratio of -28.77.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. BTIG Research boosted their price objective on MiniMed Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, September 1st. Barclays started coverage on shares of MiniMed Group in a report on Wednesday. They issued an “equal weight” rating and a $22.00 price target on the stock. UBS Group raised their price target on shares of MiniMed Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Mizuho boosted their price objective on shares of MiniMed Group from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Morgan Stanley raised their target price on shares of MiniMed Group from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Thirteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MMED. BlackRock Inc. boosted its stake in MiniMed Group by 7,527.5% in the second quarter. BlackRock Inc. now owns 1,996,489 shares of the company’s stock valued at $29,848,000 after acquiring an additional 1,970,314 shares in the last quarter. J. Goldman & Co LP purchased a new stake in MiniMed Group during the 2nd quarter worth approximately $12,412,000. State Street Corp acquired a new position in MiniMed Group during the 2nd quarter valued at approximately $6,029,000. Readystate Asset Management LP purchased a new position in shares of MiniMed Group in the second quarter worth $4,400,000. Finally, Bank of America Corp DE grew its holdings in shares of MiniMed Group by 377.0% during the second quarter. Bank of America Corp DE now owns 238,819 shares of the company’s stock valued at $3,570,000 after buying an additional 188,756 shares during the last quarter.

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.