SurModics (NASDAQ:SRDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Surmodics ended first-quarter fiscal 2018 on a favorable note, courtesy of solid performance in the In Vitro Diagnostics segment. The segment has been gaining grounds on the back of strong growth and stabilization across BioFX, microarray and antigen product sales. Surmodics issued a solid guidance for fiscal 2018. The company's solid initiatives to strengthen research and development programs hold promise. The company witnessed significantly high operating losses, specifically in Ireland. Product sales declined substantially owing to shipment issues, particularly in the Medical Device segment. Further, foreign-exchange woes related to the Creagh Medical buyout have been a major dampener. Surmodics’ drug-coated balloons face stiff competition in niche space. The company’s margins are expected to be under pressure, thanks to expenses in the Irish facility infrastructure and lower Medical-Device product gross margins.”
Separately, BidaskClub downgraded SurModics from a “sell” rating to a “strong sell” rating in a research note on Friday, December 29th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $40.00.
SurModics (NASDAQ:SRDX) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.15. The company had revenue of $17.01 million for the quarter, compared to the consensus estimate of $17.69 million. SurModics had a return on equity of 6.18% and a net margin of 5.37%. equities analysts forecast that SurModics will post -0.33 EPS for the current fiscal year.
In other news, VP Joseph J. Stich sold 1,000 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $30.18, for a total value of $30,180.00. Following the transaction, the vice president now owns 46,450 shares of the company’s stock, valued at approximately $1,401,861. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 7.70% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of SurModics in the 3rd quarter valued at $116,000. Macquarie Group Ltd. bought a new stake in shares of SurModics in the 3rd quarter valued at $123,000. Municipal Employees Retirement System of Michigan increased its position in shares of SurModics by 59.1% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 4,980 shares of the company’s stock valued at $154,000 after buying an additional 1,850 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of SurModics by 57.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,702 shares of the company’s stock valued at $208,000 after buying an additional 2,432 shares in the last quarter. Finally, Condor Capital Management bought a new stake in shares of SurModics in the 3rd quarter valued at $208,000. Institutional investors and hedge funds own 84.89% of the company’s stock.
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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