Northland Capital Markets reiterated an Outperform rating and $32.00 price target on Wright Medical (NASDAQ: WMGI) following FDA approval of AUGMENT in hindfoot and ankle fusion with a clean label.

Analyst Mark Landy commented, "Yesterday WMGI announced FDA approval of AUGMENT in hindfoot and ankle fusion with a clean label. While many will focus on the approval and launch of AUGMENT, we point out AUGMENT’s approval has unlocked a rhPDGF franchise that dovetails perfectly with WMGI’s current business. AUGMENT Injectable, AUGMENT for rotator cuff tears and AUGMENT for elbow tendinosis are three products WMGI could launch. We estimate the market for rhPDGF in WMGI's current business segments could exceed $2B."

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Shares of Wright Medical closed at $22.92 yesterday.

Analyst Comments FDA

Pre-Open Stock Movers 09/02: (SURG) (VRA) (WMGI) Higher; (RJET) (DGLY) (HTWR) Lower (more...)September 2, 2015 9:23 AM Augment Approval Provides Catalyst for Wright Medical (WMGI), Brean Capital SaysSeptember 2, 2015 7:26 AM Wright Medical (WMGI) Augment Approval Removes Overhang, Leerink Partners SaysSeptember 2, 2015 6:24 AM Wright Medical Group's (WMGI) AUGMENT Bone Graf PMA Receives FDA ApproalSeptember 1, 2015 4:14 PM Wright Medical Group (WMGI) Reports FDA Approval of AUGMENT Bone GraftSeptember 1, 2015 4:13 PM Wright Medical Group, Inc. Announces FDA Approval for AUGMENT(R) Bone GraftSeptember 1, 2015 4:00 PM