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SurModics (NASDAQ:SRDX) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report issued on Monday. They currently have a $18.00 price objective on the stock. Zacks‘s target price would indicate a potential downside of 10.76% from the stock’s previous close.

Zacks’ analyst wrote, “We are downgrading SurModics to Underperform from Neutral following the trimming of the fiscal 2014 revenue guidance by the company while releasing its second quarter results earlier in the month. The company now expects revenues in the range of $56 million-$58.5 million (old guidance: $58 $62 million). The lackluster sales guidance caused estimates to go down. Apart from the disappointing guidance, the company reported lower-than-expected revenues in the second quarter. Revenues also declined from the year- ago quarter hurt by the soft sales of in vitro diagnostics offerings. A slowdown in sales in Europe coupled with a shift in order patterns by a few key customers hurt segmental sales in the quarter. “

Shares of SurModics (NASDAQ:SRDX) traded up 0.30% during mid-day trading on Monday, hitting $20.17. 44,074 shares of the company’s stock traded hands. SurModics has a 1-year low of $19.24 and a 1-year high of $27.00. The stock has a 50-day moving average of $21.57 and a 200-day moving average of $23.3. The company has a market cap of $274.2 million and a price-to-earnings ratio of 22.25.

SurModics (NASDAQ:SRDX) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. The company had revenue of $13.60 million for the quarter, compared to the consensus estimate of $14.40 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. Analysts expect that SurModics will post $0.91 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on SRDX. Analysts at Benchmark Co. initiated coverage on shares of SurModics in a research note on Friday, April 4th. They set a “buy” rating and a $30.00 price target on the stock. Analysts at Laidlaw initiated coverage on shares of SurModics in a research note on Tuesday, February 25th. They set a “buy” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $27.25.

SurModics, Inc (NASDAQ:SRDX) is a provider of drug delivery and surface modification technologies to the healthcare industry.

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