StockNews.com Begins Coverage on Surmodics (NASDAQ:SRDX)

Equities researchers at StockNews.com assumed coverage on shares of Surmodics (NASDAQ:SRDX) in a research note issued to investors on Friday. The firm set a “hold” rating on the stock.

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Surmodics in a report on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.00.

Surmodics Trading Down 1.4 %

Shares of SRDX stock opened at $38.44 on Friday. The stock’s fifty day moving average is $39.32 and its two-hundred day moving average is $39.71. 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 firm has a market capitalization of $549.46 million, a P/E ratio of -47.46 and a beta of 1.21. Surmodics has a fifty-two week low of $25.17 and a fifty-two week high of $42.44.

Surmodics (NASDAQ:SRDX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.14. Surmodics had a negative return on equity of 3.79% and a negative net margin of 9.15%. The company had revenue of $33.23 million for the quarter, compared to analyst estimates of $30.69 million. Research analysts expect that Surmodics will post 0.17 earnings per share for the current fiscal year.

Insider Transactions at Surmodics

In related news, CFO Timothy J. Arens sold 7,009 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $39.44, for a total transaction of $276,434.96. Following the completion of the sale, the chief financial officer now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.90% of the company’s stock.

Institutional Trading of Surmodics

A number of hedge funds and other institutional investors have recently modified their holdings of SRDX. Modus Advisors LLC purchased a new stake in Surmodics during the fourth quarter worth about $40,000. Quest Partners LLC increased its stake in Surmodics by 107,100.0% during the third quarter. Quest Partners LLC now owns 1,072 shares of the company’s stock worth $42,000 after purchasing an additional 1,071 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Surmodics by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 116,311 shares of the company’s stock worth $4,511,000 after purchasing an additional 1,491 shares during the period. Longfellow Investment Management Co. LLC purchased a new stake in Surmodics during the third quarter worth about $67,000. Finally, Wolverine Asset Management LLC increased its stake in Surmodics by 6.9% during the third quarter. Wolverine Asset Management LLC now owns 27,766 shares of the company’s stock worth $1,077,000 after purchasing an additional 1,800 shares during the period. 96.63% of the stock is owned by institutional investors and hedge funds.

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).