SurModics (NASDAQ:SRDX) Rating Lowered to Buy at ValuEngine

SurModics (NASDAQ:SRDX) was downgraded by investment analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday, ValuEngine reports.

A number of other equities analysts have also issued reports on SRDX. BidaskClub lowered SurModics from a “hold” rating to a “sell” rating in a research report on Tuesday, December 31st. Needham & Company LLC lowered SurModics from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Lake Street Capital lowered SurModics from a “buy” rating to a “hold” rating and cut their target price for the company from $75.00 to $50.00 in a research report on Friday, November 1st. Finally, Barrington Research reaffirmed a “buy” rating and issued a $62.00 target price on shares of SurModics in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $55.25.

Shares of SRDX traded down $0.19 during trading on Tuesday, reaching $40.80. The company’s stock had a trading volume of 970 shares, compared to its average volume of 79,187. The company has a fifty day moving average of $41.21 and a two-hundred day moving average of $42.67. SurModics has a twelve month low of $38.06 and a twelve month high of $61.08. The company has a market cap of $546.93 million, a price-to-earnings ratio of 56.80 and a beta of 0.99.

SurModics (NASDAQ:SRDX) last announced its earnings results on Thursday, October 31st. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. SurModics had a return on equity of 8.48% and a net margin of 7.59%. The company had revenue of $30.82 million for the quarter, compared to analyst estimates of $28.53 million. On average, analysts anticipate that SurModics will post -0.25 earnings per share for the current fiscal year.

In other news, CEO Gary R. Maharaj sold 702 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $41.08, for a total value of $28,838.16. Following the completion of the sale, the chief executive officer now directly owns 142,885 shares in the company, valued at approximately $5,869,715.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $40.39, for a total value of $201,950.00. Following the completion of the sale, the chief executive officer now owns 144,317 shares of the company’s stock, valued at $5,828,963.63. The disclosure for this sale can be found here. Insiders sold a total of 10,702 shares of company stock valued at $433,738 over the last quarter. Company insiders own 7.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SRDX. Envestnet Asset Management Inc. bought a new position in SurModics during the 2nd quarter worth $206,000. JPMorgan Chase & Co. grew its stake in SurModics by 23.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 51,898 shares of the company’s stock worth $2,071,000 after buying an additional 9,769 shares during the last quarter. Bank of Montreal Can grew its stake in SurModics by 80.2% during the 2nd quarter. Bank of Montreal Can now owns 8,309 shares of the company’s stock worth $359,000 after buying an additional 3,699 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in SurModics by 4.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 101,714 shares of the company’s stock worth $4,391,000 after buying an additional 4,289 shares during the last quarter. Finally, Northern Trust Corp grew its stake in SurModics by 0.4% during the 2nd quarter. Northern Trust Corp now owns 191,500 shares of the company’s stock worth $8,267,000 after buying an additional 671 shares during the last quarter. Institutional investors and hedge funds own 86.66% 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.

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