Surmodics (NASDAQ:SRDX) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Surmodics (NASDAQ:SRDX) in a research note released on Thursday morning. The brokerage issued a hold rating on the stock.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Surmodics in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Surmodics has a consensus rating of “Hold” and a consensus price target of $50.00.

Surmodics Price Performance

NASDAQ:SRDX opened at $39.68 on Thursday. The stock’s 50-day simple moving average is $39.14 and its 200 day simple moving average is $39.84. Surmodics has a 52-week low of $25.17 and a 52-week high of $42.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.22 and a current ratio of 3.96. The company has a market cap of $567.19 million, a P/E ratio of -48.99 and a beta of 1.22.

Surmodics (NASDAQ:SRDX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.14. The firm had revenue of $33.23 million for the quarter, compared to the consensus estimate of $30.69 million. Surmodics had a negative return on equity of 3.79% and a negative net margin of 9.15%. As a group, sell-side analysts forecast that Surmodics will post 0.17 EPS for the current fiscal year.

Insider Activity

In related news, CFO Timothy J. Arens sold 7,009 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $39.44, for a total value of $276,434.96. Following the transaction, the chief financial officer now owns 70,350 shares of the company’s stock, valued at approximately $2,774,604. This trade represents a 9.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.90% of the stock is currently owned by company insiders.

Institutional Trading of Surmodics

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in shares of Surmodics by 192.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 42,470 shares of the company’s stock valued at $1,647,000 after acquiring an additional 27,960 shares during the period. Principal Financial Group Inc. bought a new position in Surmodics during the third quarter worth about $1,190,000. Oddo BHF Asset Management Sas bought a new stake in shares of Surmodics in the third quarter valued at approximately $6,593,000. Barclays PLC lifted its position in shares of Surmodics by 16.0% during the third quarter. Barclays PLC now owns 88,750 shares of the company’s stock worth $3,443,000 after acquiring an additional 12,271 shares in the last quarter. Finally, State Street Corp grew its position in shares of Surmodics by 19.2% in the third quarter. State Street Corp now owns 374,068 shares of the company’s stock valued at $14,506,000 after purchasing an additional 60,240 shares in the last quarter. 96.63% of the stock is currently owned by institutional investors.

About Surmodics

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).