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

StockNews.com started coverage on shares of Surmodics (NASDAQ:SRDX) in a research note issued on Monday. The brokerage set a “hold” rating on the stock.

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

Surmodics Price Performance

Shares of SRDX opened at $39.94 on Monday. The company has a quick ratio of 3.22, a current ratio of 3.96 and a debt-to-equity ratio of 0.25. Surmodics has a twelve month low of $25.17 and a twelve month high of $42.44. The stock has a market capitalization of $572.18 million, a P/E ratio of -49.31 and a beta of 1.22. The company has a 50 day moving average of $38.67 and a 200-day moving average of $39.98.

Surmodics (NASDAQ:SRDX) last released its earnings results 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 net margin of 9.15% and a negative return on equity of 3.79%. The business had revenue of $33.23 million during the quarter, compared to the consensus estimate of $30.69 million. As a group, equities research analysts forecast that Surmodics will post 0.17 EPS for the current fiscal year.

Insider Activity

In other Surmodics news, CFO Timothy J. Arens sold 7,009 shares of the firm’s stock in a transaction on 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 owns 70,350 shares of the company’s stock, valued at $2,774,604. This trade represents a 9.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Surmodics

Several hedge funds have recently added to or reduced their stakes in SRDX. Gabelli Funds LLC lifted its holdings in Surmodics by 393.7% during the 2nd quarter. Gabelli Funds LLC now owns 260,200 shares of the company’s stock valued at $10,939,000 after purchasing an additional 207,500 shares during the last quarter. Gardner Lewis Asset Management L P acquired a new stake in Surmodics during the 2nd quarter valued at $8,531,000. Oddo BHF Asset Management Sas acquired a new stake in Surmodics during the 3rd quarter valued at $6,593,000. Phocas Financial Corp. acquired a new stake in Surmodics during the 3rd quarter valued at $3,430,000. Finally, Nisa Investment Advisors LLC lifted its holdings in Surmodics by 4,722.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 68,429 shares of the company’s stock valued at $2,877,000 after purchasing an additional 67,010 shares during the last quarter. Institutional investors and hedge funds own 96.63% of the company’s stock.

Surmodics Company Profile

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).