SurModics (NASDAQ:SRDX) had its target price increased by Needham & Company LLC from $46.00 to $55.00 in a research report released on Wednesday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.
Several other analysts have also recently weighed in on the stock. BidaskClub raised shares of SurModics from a buy rating to a strong-buy rating in a research note on Wednesday, May 9th. Zacks Investment Research raised shares of SurModics from a hold rating to a buy rating and set a $46.00 price objective on the stock in a research note on Monday, May 7th. Barrington Research upped their price objective on shares of SurModics from $22.50 to $43.00 and gave the stock an outperform rating in a research note on Thursday, May 3rd. Lake Street Capital upped their price objective on shares of SurModics from $38.00 to $76.00 and gave the stock a buy rating in a research note on Wednesday, May 2nd. Finally, ValuEngine raised shares of SurModics from a buy rating to a strong-buy rating in a research note on Wednesday, May 2nd. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $55.00.
Shares of SurModics opened at $48.55 on Wednesday, Marketbeat reports. The stock has a market cap of $637.04 million, a price-to-earnings ratio of 109.21 and a beta of 0.52. SurModics has a 1-year low of $22.55 and a 1-year high of $49.25.
SurModics (NASDAQ:SRDX) last issued its quarterly earnings data on Wednesday, May 2nd. The company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.08. The firm had revenue of $19.06 million for the quarter, compared to analysts’ expectations of $17.92 million. SurModics had a net margin of 1.49% and a return on equity of 5.33%. sell-side analysts predict that SurModics will post -0.02 EPS for the current fiscal year.
In other news, VP Joseph J. Stich sold 1,000 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $33.53, for a total transaction of $33,530.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.70% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SRDX. SG Americas Securities LLC bought a new stake in shares of SurModics during the first quarter valued at approximately $122,000. MetLife Investment Advisors LLC bought a new stake in shares of SurModics during the fourth quarter valued at approximately $172,000. Jefferies Group LLC bought a new stake in shares of SurModics during the fourth quarter valued at approximately $238,000. Matarin Capital Management LLC bought a new stake in shares of SurModics during the first quarter valued at approximately $363,000. Finally, Chicago Equity Partners LLC bought a new stake in shares of SurModics during the first quarter valued at approximately $400,000. 84.26% of the stock is currently owned by institutional investors and hedge funds.
SurModics Company Profile
Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and Ireland. It operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.
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