Why Merit Medical Systems Stock Soared Today
Shares of Merit Medical Systems (NASDAQ: MMSI) soared 16.9% higher on Friday. The medical device maker didn't announce any news, but some investors appeared to view the stock's big sell-off on Thursday as an opportunity to buy on the cheap. Merit Medical announced disappointing third-quarter results and lowered its full-year guidance after the market closed on Wednesday.
It wasn't surprising that Merit Medical's shares sank after its dismal Q3 update. The company missed consensus Wall Street adjusted earnings estimates by a wide margin. But quite a few investors apparently felt that the sell-off was overdone. There's some merit (no pun intended) to that argument.
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Source Fool.com
