SurModics (NASDAQ:SRDX) Downgraded to “Strong Sell” at BidaskClub

SurModics (NASDAQ:SRDX) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Wednesday, May 22nd, BidAskClub reports.

Other equities analysts also recently issued reports about the stock. ValuEngine cut shares of SurModics from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 25th. Needham & Company LLC reiterated a “buy” rating and set a $74.00 price target (up from $69.00) on shares of SurModics in a research report on Thursday, February 21st. Barrington Research set a $64.00 price target on shares of SurModics and gave the company a “buy” rating in a research report on Thursday, May 2nd. Lake Street Capital set a $75.00 price target on shares of SurModics and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Zacks Investment Research cut shares of SurModics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $68.00.

Shares of NASDAQ SRDX traded down $0.56 during trading on Wednesday, hitting $41.34. The company had a trading volume of 69,749 shares, compared to its average volume of 111,246. SurModics has a fifty-two week low of $38.06 and a fifty-two week high of $82.35. The firm has a market cap of $544.93 million, a price-to-earnings ratio of 84.37, a price-to-earnings-growth ratio of 13.47 and a beta of 1.24.

SurModics (NASDAQ:SRDX) last announced its earnings results on Wednesday, May 1st. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.09. SurModics had a negative net margin of 2.07% and a positive return on equity of 6.35%. The business had revenue of $22.68 million for the quarter, compared to analyst estimates of $21.01 million. Equities analysts expect that SurModics will post 0.3 EPS for the current fiscal year.

In other SurModics news, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph J. Stich sold 1,900 shares of the business’s stock in a transaction that occurred on Friday, March 29th. The stock was sold at an average price of $45.00, for a total transaction of $85,500.00. Following the transaction, the vice president now owns 52,637 shares of the company’s stock, valued at approximately $2,368,665. The disclosure for this sale can be found here. Insiders sold 17,000 shares of company stock valued at $722,704 in the last 90 days. Company insiders own 7.70% of the company’s stock.

Large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in SurModics by 1.7% in the 4th quarter. BlackRock Inc. now owns 2,108,214 shares of the company’s stock valued at $99,634,000 after purchasing an additional 35,443 shares during the last quarter. Vanguard Group Inc. raised its position in SurModics by 7.1% in the 3rd quarter. Vanguard Group Inc. now owns 808,645 shares of the company’s stock valued at $60,366,000 after purchasing an additional 53,835 shares during the last quarter. Trigran Investments Inc. raised its position in SurModics by 1.3% in the 1st quarter. Trigran Investments Inc. now owns 805,258 shares of the company’s stock valued at $35,012,000 after purchasing an additional 10,056 shares during the last quarter. Wellington Management Group LLP raised its position in SurModics by 0.4% in the 1st quarter. Wellington Management Group LLP now owns 403,902 shares of the company’s stock valued at $17,561,000 after purchasing an additional 1,524 shares during the last quarter. Finally, Royce & Associates LP raised its position in SurModics by 4.8% in the 1st quarter. Royce & Associates LP now owns 331,178 shares of the company’s stock valued at $14,400,000 after purchasing an additional 15,109 shares during the last quarter. Institutional investors and hedge funds own 86.67% of the company’s stock.

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 internationally. The company operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment designs, develops, and manufactures interventional medical devices primarily for the peripheral vascular market; and 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.

See Also: What type of investment options does a Roth IRA provide?

Receive News & Ratings for SurModics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SurModics and related companies with MarketBeat.com's FREE daily email newsletter.