Surface Oncology Inc’s Lock-Up Period To End on October 16th (NASDAQ:SURF)

Surface Oncology’s (NASDAQ:SURF) lock-up period is set to end on Tuesday, October 16th. Surface Oncology had issued 7,200,000 shares in its public offering on April 19th. The total size of the offering was $108,000,000 based on an initial share price of $15.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Several equities analysts have recently weighed in on the company. Zacks Investment Research raised Surface Oncology from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Robert W. Baird assumed coverage on Surface Oncology in a research note on Tuesday, September 18th. They issued an “outperform” rating and a $23.00 price objective on the stock. Finally, Cowen reaffirmed a “buy” rating on shares of Surface Oncology in a research note on Tuesday, August 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $20.25.

Shares of NASDAQ:SURF opened at $8.61 on Friday. Surface Oncology has a one year low of $7.90 and a one year high of $18.18.

Surface Oncology (NASDAQ:SURF) last announced its earnings results on Tuesday, August 14th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.03. The company had revenue of $2.43 million for the quarter. As a group, research analysts anticipate that Surface Oncology will post -2.38 earnings per share for the current year.

Several large investors have recently made changes to their positions in SURF. Atlas Venture Associates IX LLC purchased a new stake in shares of Surface Oncology during the 2nd quarter valued at about $75,767,000. NEA Management Company LLC purchased a new stake in shares of Surface Oncology during the 2nd quarter valued at about $54,070,000. FMR LLC purchased a new stake in shares of Surface Oncology during the 2nd quarter valued at about $47,972,000. Citadel Advisors LLC purchased a new stake in shares of Surface Oncology during the 2nd quarter valued at about $14,119,000. Finally, BlackRock Inc. purchased a new stake in shares of Surface Oncology during the 2nd quarter valued at about $10,230,000. Institutional investors and hedge funds own 63.32% of the company’s stock.

Surface Oncology Company Profile

Surface Oncology, Inc, a clinical-stage immuno-oncology company, engages in the development of cancer therapies. The company's lead product candidate is the SRF231 that is in Phase I clinical trial targeting protein called cluster of differentiation (CD) 47. It is also developing SRF373 inhibiting CD73; SRF617 inhibiting CD39; and SRF388, an antibody targeting interleukin 27.

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