SurModics (NASDAQ:SRDX) issued its quarterly earnings data on Friday. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.06, MarketWatch Earnings reports. SurModics had a negative net margin of 2.94% and a positive return on equity of 7.53%. The firm had revenue of $23.04 million for the quarter, compared to analyst estimates of $22.54 million. SurModics updated its FY 2019 guidance to $-0.07-0.23 EPS.
Shares of SRDX stock traded down $2.63 during trading hours on Friday, hitting $64.00. The company 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 firm has a market cap of $890.15 million, a P/E ratio of 125.49, a P/E/G ratio of 222.23 and a beta of 0.90.
Several equities analysts have recently commented on SRDX shares. BidaskClub lowered shares of SurModics from a “buy” rating to a “hold” rating in a report on Saturday, October 13th. Barrington Research upped their price objective on shares of SurModics to $77.00 and gave the stock an “outperform” rating in a report on Thursday, August 23rd. Needham & Company LLC restated a “buy” rating and issued a $74.00 price objective on shares of SurModics in a report on Monday, August 6th. Finally, Lake Street Capital upped their price objective on shares of SurModics to $90.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. One research 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 stock. The stock currently has an average rating of “Buy” and a consensus price target of $71.75.
In related news, Director Susan E. Knight sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $72.93, for a total transaction of $437,580.00. Following the sale, the director now directly owns 19,728 shares of the company’s stock, valued at approximately $1,438,763.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary R. Maharaj sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $62.21, for a total transaction of $311,050.00. Following the sale, the chief executive officer now directly owns 166,086 shares in the company, valued at $10,332,210.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,824 shares of company stock worth $1,847,681. Company insiders own 7.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in SRDX. CIBC World Markets Inc. purchased a new stake in shares of SurModics in the 3rd quarter valued at approximately $1,626,000. Hillsdale Investment Management Inc. purchased a new stake in shares of SurModics in the 3rd quarter valued at approximately $1,568,000. Bank of New York Mellon Corp increased its position in shares of SurModics by 5.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 164,535 shares of the company’s stock valued at $12,284,000 after purchasing an additional 8,912 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of SurModics in the 3rd quarter valued at approximately $13,437,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of SurModics in the 3rd quarter valued at approximately $238,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.
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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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