SurModics (NASDAQ:SRDX) posted its quarterly earnings results on Friday. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06, MarketWatch Earnings reports. SurModics had a positive return on equity of 7.53% and a negative net margin of 2.94%. The company had revenue of $23.04 million during the quarter, compared to analysts’ expectations of $22.54 million. SurModics updated its FY 2019 guidance to $-0.07-0.23 EPS.
SRDX traded down $2.63 on Friday, reaching $64.00. The stock had a trading volume of 126,780 shares, compared to its average volume of 79,854. SurModics has a fifty-two week low of $25.00 and a fifty-two week high of $82.35. The stock has a market cap of $890.15 million, a PE ratio of 125.49, a PEG ratio of 222.23 and a beta of 0.90.
A number of research firms have recently commented on SRDX. Needham & Company LLC reissued a “buy” rating and set a $74.00 price target on shares of SurModics in a report on Friday. BidaskClub raised SurModics from a “hold” rating to a “buy” rating in a report on Friday, October 19th. Barrington Research boosted their price target on SurModics to $77.00 and gave the stock an “outperform” rating in a report on Thursday, August 23rd. Finally, Lake Street Capital boosted their price target on SurModics to $90.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $71.75.
In other SurModics news, VP Gregg S. Sutton sold 14,824 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $74.14, for a total value of $1,099,051.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $62.21, for a total value of $311,050.00. Following the completion of the transaction, the chief executive officer now directly owns 166,086 shares of the company’s stock, valued at approximately $10,332,210.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,824 shares of company stock valued at $1,847,681. Insiders own 7.70% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers increased its holdings in SurModics by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 32,656 shares of the company’s stock worth $1,803,000 after purchasing an additional 830 shares in the last quarter. SG Americas Securities LLC increased its holdings in SurModics by 36.9% in the 2nd quarter. SG Americas Securities LLC now owns 4,376 shares of the company’s stock worth $242,000 after purchasing an additional 1,180 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in SurModics in the 3rd quarter worth about $101,000. Teachers Retirement System of The State of Kentucky increased its holdings in SurModics by 77.9% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 3,198 shares of the company’s stock worth $239,000 after purchasing an additional 1,400 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in SurModics by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,342 shares of the company’s stock worth $1,743,000 after purchasing an additional 1,489 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.
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SurModics Company Profile
Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and Ireland. It operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.
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