Surmodics, Inc. (SRDX) Downgraded by BidaskClub to “Sell”
Surmodics, Inc. (NASDAQ:SRDX) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
SRDX has been the subject of a number of other reports. Lake Street Capital assumed coverage on Surmodics in a research report on Friday, July 14th. They set a “buy” rating and a $40.00 price target for the company. Aegis started coverage on Surmodics in a research report on Tuesday, June 27th. They issued a “buy” rating for the company. Zacks Investment Research downgraded Surmodics from a “hold” rating to a “sell” rating in a research report on Monday, May 1st. Finally, ValuEngine downgraded Surmodics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $34.33.
Shares of Surmodics (NASDAQ:SRDX) traded up 0.41% during trading on Friday, hitting $24.60. 45,948 shares of the stock were exchanged. The stock’s 50 day moving average price is $26.93 and its 200-day moving average price is $24.78. The company has a market cap of $322.48 million, a price-to-earnings ratio of 53.59 and a beta of 0.88. Surmodics has a one year low of $21.90 and a one year high of $30.75.
Surmodics (NASDAQ:SRDX) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.10. The company had revenue of $17.80 million during the quarter, compared to the consensus estimate of $15.98 million. Surmodics had a return on equity of 7.28% and a net margin of 8.66%. Surmodics’s revenue was down 11.0% on a year-over-year basis. During the same period last year, the business posted $0.37 earnings per share. On average, analysts predict that Surmodics will post $0.27 EPS for the current year.
In other Surmodics news, CEO Gary R. Maharaj sold 5,000 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $25.75, for a total value of $128,750.00. Following the completion of the sale, the chief executive officer now directly owns 126,807 shares of the company’s stock, valued at $3,265,280.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan K. Phillips sold 1,226 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $24.85, for a total value of $30,466.10. Following the completion of the sale, the senior vice president now directly owns 29,208 shares of the company’s stock, valued at $725,818.80. The disclosure for this sale can be found here. Insiders sold 14,928 shares of company stock valued at $392,469 over the last three months. Company insiders own 6.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Trigran Investments Inc. increased its stake in Surmodics by 52.4% in the first quarter. Trigran Investments Inc. now owns 1,070,499 shares of the company’s stock worth $25,745,000 after buying an additional 368,212 shares in the last quarter. Wellington Management Group LLP increased its stake in Surmodics by 8.7% in the first quarter. Wellington Management Group LLP now owns 1,174,839 shares of the company’s stock worth $28,255,000 after buying an additional 94,388 shares in the last quarter. Royce & Associates LP boosted its position in shares of Surmodics by 12.2% in the first quarter. Royce & Associates LP now owns 368,092 shares of the company’s stock valued at $8,853,000 after buying an additional 40,000 shares during the period. Renaissance Technologies LLC boosted its position in shares of Surmodics by 4.0% in the first quarter. Renaissance Technologies LLC now owns 1,002,721 shares of the company’s stock valued at $24,115,000 after buying an additional 38,683 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Surmodics by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 587,924 shares of the company’s stock valued at $14,933,000 after buying an additional 37,480 shares during the period. 84.83% of the stock is owned by institutional investors and hedge funds.
Surmodics, Inc is a provider of medical device and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company’s Medical Device segment consists of surface modification coating technologies to improve access, deliverability and predictable deployment of medical devices; international cardiology and peripheral balloon design, development and manufacturing, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device.
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