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

StockNews.com started coverage on shares of Surmodics (NASDAQ:SRDX) in a report issued on Sunday. The brokerage issued 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, According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $50.00.

Surmodics Stock Up 1.7 %

Surmodics stock opened at $38.15 on Friday. The firm has a market capitalization of $545.32 million, a price-to-earnings ratio of -47.10 and a beta of 1.21. The firm’s fifty day moving average price is $39.04 and its two-hundred day moving average price is $39.33. Surmodics has a 1-year low of $25.17 and a 1-year high of $42.44. The company has a current ratio of 3.96, a quick ratio of 3.22 and a debt-to-equity ratio of 0.25.

Surmodics (NASDAQ:SRDX) last posted its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.14. The company had revenue of $33.23 million for the quarter, compared to analyst estimates of $30.69 million. Surmodics had a negative net margin of 9.15% and a negative return on equity of 3.79%. On average, equities research analysts predict that Surmodics will post 0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Timothy J. Arens sold 7,009 shares of Surmodics 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 sale, the chief financial officer now directly owns 70,350 shares in the company, valued at approximately $2,774,604. This trade represents a 9.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Surmodics

Several large investors have recently made changes to their positions in SRDX. Squarepoint Ops LLC boosted its holdings in shares of Surmodics by 29.3% in the 2nd quarter. Squarepoint Ops LLC now owns 12,875 shares of the company’s stock worth $541,000 after buying an additional 2,920 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Surmodics in the second quarter valued at about $229,000. Mackenzie Financial Corp bought a new position in shares of Surmodics during the 2nd quarter valued at approximately $267,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Surmodics during the 2nd quarter worth approximately $273,000. Finally, Algert Global LLC bought a new stake in shares of Surmodics in the 2nd quarter worth approximately $577,000. 96.63% of the stock is owned by hedge funds and other institutional investors.

About Surmodics

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).