Oranogenesis Holdings (ORGO) PT Raised to $3.80 at Cantor Fitzgerald
Cantor Fitzgerald analyst Ross Osborn raised the price target on Oranogenesis Holdings (NASDAQ: ORGO) to $3.80 (from $3.50) while maintaining a Overweight rating.
The analyst comments "We reiterate our Overweight and increase our 12-month price target to $3.80 from $3.50 on Organogenesis' ("ORGO") shares following the company reporting a 3Q beat and raising guidance. Specifically, ORGO reported total revenue of $115.2 million (Cantor $110.5 million / FactSet Consensus $108.0 million), representing YoY growth of ~6%, driven by a ~7% YoY increase in advanced wound care products to $108.0 million, as the proposed LCD has not been implemented. Turning to guidance, ORGO increased 2024 revenue guidance to between $455-$480 million (Cantor $457.3 million / FactSet Consensus $455.8 million) from $445-$470 million, representing YoY growth of 5% to 11%. While ORGO had a great quarter, the proposed local coverage determination and highly probable passing of it stand to likely materially
impact the company's top-line in 2025, given where we are in the calendar year at this point. However, we remain OW on ORGO as we hold a favorable view of the company's portfolio, management's ability to execute, and a market that will be highly concentrated with only four players. Accordingly, we reiterate our OW."