SurModics (NASDAQ:SRDX) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
Several other equities research analysts have also recently issued reports on the stock. Barrington Research lifted their price objective on shares of SurModics to $77.00 and gave the company an “outperform” rating in a research report on Thursday, August 23rd. Lake Street Capital lifted their price objective on shares of SurModics to $90.00 and gave the company a “buy” rating in a research report on Tuesday, August 7th. Needham & Company LLC reiterated a “buy” rating and set a $74.00 price objective on shares of SurModics in a research report on Monday, August 6th. Finally, Zacks Investment Research cut shares of SurModics from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. SurModics currently has an average rating of “Buy” and an average target price of $71.75.
NASDAQ SRDX opened at $62.47 on Friday. SurModics has a 12 month low of $25.00 and a 12 month high of $82.35. The company has a market cap of $996.70 million, a price-to-earnings ratio of 122.49, a PEG ratio of 17.36 and a beta of 0.67.
SurModics (NASDAQ:SRDX) last released its earnings results on Monday, August 6th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.51. The company had revenue of $22.23 million for the quarter, compared to analysts’ expectations of $19.81 million. SurModics had a negative net margin of 2.94% and a positive return on equity of 7.53%. On average, equities analysts forecast that SurModics will post 0.43 earnings per share for the current year.
In other news, CEO Gary R. Maharaj sold 5,000 shares of SurModics stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $58.93, for a total transaction of $294,650.00. Following the sale, the chief executive officer now owns 174,586 shares in the company, valued at $10,288,352.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Gregg S. Sutton sold 14,824 shares of SurModics stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $74.14, for a total transaction of $1,099,051.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,824 shares of company stock worth $1,970,801. Company insiders own 7.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SRDX. Bank of Montreal Can increased its position in SurModics by 106.9% in the third quarter. Bank of Montreal Can now owns 4,679 shares of the company’s stock worth $349,000 after purchasing an additional 2,417 shares during the last quarter. Northern Trust Corp increased its position in SurModics by 1.2% in the second quarter. Northern Trust Corp now owns 186,647 shares of the company’s stock worth $10,303,000 after purchasing an additional 2,124 shares during the last quarter. California Public Employees Retirement System bought a new stake in SurModics in the second quarter worth $365,000. Macquarie Group Ltd. increased its position in SurModics by 557.9% in the second quarter. Macquarie Group Ltd. now owns 9,599 shares of the company’s stock worth $530,000 after purchasing an additional 8,140 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in SurModics by 2.4% in the second quarter. Renaissance Technologies LLC now owns 1,022,300 shares of the company’s stock worth $56,431,000 after purchasing an additional 23,900 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.
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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