SurModics, Inc. (SRDX) Receives $80.33 Average Target Price from Analysts

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SurModics, Inc. (NASDAQ:SRDX) has received an average recommendation of “Buy” from the seven analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $80.33.

SRDX has been the topic of several research reports. Lake Street Capital upped their price target on SurModics to $90.00 and gave the company a “buy” rating in a research report on Tuesday, August 7th. Needham & Company LLC reissued a “buy” rating and set a $74.00 price target on shares of SurModics in a research report on Monday, August 6th. BidaskClub lowered SurModics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Finally, Barrington Research upped their price target on SurModics to $73.00 and gave the company an “outperform” rating in a research report on Tuesday, August 7th.

In related news, VP Gregg S. Sutton sold 14,824 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $74.14, for a total transaction of $1,099,051.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $62.21, for a total value of $311,050.00. Following the transaction, the chief executive officer now owns 166,086 shares of the company’s stock, valued at $10,332,210.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,824 shares of company stock valued at $1,987,201. 7.70% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in SurModics by 13.9% during the 2nd quarter. BlackRock Inc. now owns 2,069,955 shares of the company’s stock worth $114,261,000 after buying an additional 251,990 shares during the last quarter. Renaissance Technologies LLC grew its stake in SurModics by 2.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,022,300 shares of the company’s stock worth $56,431,000 after buying an additional 23,900 shares during the last quarter. Royce & Associates LP grew its stake in SurModics by 7.3% during the 2nd quarter. Royce & Associates LP now owns 387,602 shares of the company’s stock worth $21,396,000 after buying an additional 26,337 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of SurModics by 63.1% in the third quarter. Acadian Asset Management LLC now owns 251,326 shares of the company’s stock worth $18,761,000 after purchasing an additional 97,191 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of SurModics by 1.2% in the second quarter. Northern Trust Corp now owns 186,647 shares of the company’s stock worth $10,303,000 after purchasing an additional 2,124 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

SRDX stock opened at $64.69 on Friday. The company has a market cap of $868.12 million, a P/E ratio of 126.84, a PEG ratio of 216.73 and a beta of 0.90. SurModics has a 12-month low of $25.00 and a 12-month high of $82.35.

SurModics (NASDAQ:SRDX) last posted its quarterly earnings results on Monday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.51. The business had revenue of $22.23 million for the quarter, compared to analyst estimates of $19.81 million. SurModics had a positive return on equity of 7.53% and a negative net margin of 2.94%. Research analysts predict that SurModics will post 0.43 earnings per share for the current year.

About SurModics

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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