SurModics, Inc. (NASDAQ:SRDX) Receives Consensus Recommendation of “Buy” from Analysts

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Shares of SurModics, Inc. (NASDAQ:SRDX) have received a consensus rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $62.00.

A number of equities research analysts have weighed in on the stock. ValuEngine upgraded shares of SurModics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 1st. Zacks Investment Research cut shares of SurModics from a “buy” rating to a “hold” rating and set a $41.00 price target for the company. in a research report on Tuesday, July 23rd. BidaskClub upgraded shares of SurModics from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $68.00 price target (up from $65.00) on shares of SurModics in a research report on Thursday, August 1st.

Shares of SRDX remained flat at $$45.72 during trading on Friday. 85,316 shares of the company’s stock were exchanged, compared to its average volume of 110,454. SurModics has a 1-year low of $38.06 and a 1-year high of $81.11. The firm has a market cap of $619.08 million, a PE ratio of 93.31, a PEG ratio of 6.65 and a beta of 1.12. The business’s fifty day moving average is $43.22 and its 200-day moving average is $44.40.

SurModics (NASDAQ:SRDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.10. SurModics had a net margin of 2.48% and a return on equity of 4.87%. The business had revenue of $24.34 million during the quarter, compared to analysts’ expectations of $22.76 million. Sell-side analysts expect that SurModics will post 0.69 EPS for the current fiscal year.

In related news, CEO Gary R. Maharaj sold 5,000 shares of SurModics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.66, for a total value of $213,300.00. Following the completion of the transaction, the chief executive officer now owns 150,235 shares in the company, valued at $6,409,025.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joseph J. Stich sold 2,000 shares of SurModics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $47.00, for a total transaction of $94,000.00. Following the completion of the transaction, the vice president now owns 50,637 shares of the company’s stock, valued at approximately $2,379,939. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock valued at $539,800 in the last 90 days. Company insiders own 7.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Glen Harbor Capital Management LLC lifted its position in shares of SurModics by 57.1% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 880 shares of the company’s stock worth $38,000 after buying an additional 320 shares during the last quarter. Pearl River Capital LLC increased its stake in SurModics by 168.3% in the 1st quarter. Pearl River Capital LLC now owns 958 shares of the company’s stock valued at $42,000 after buying an additional 601 shares during the period. Riverhead Capital Management LLC increased its stake in SurModics by 66.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,000 shares of the company’s stock valued at $43,000 after buying an additional 400 shares during the period. Tyers Asset Management LLC increased its stake in SurModics by 57.1% in the 2nd quarter. Tyers Asset Management LLC now owns 1,210 shares of the company’s stock valued at $52,000 after buying an additional 440 shares during the period. Finally, LS Investment Advisors LLC increased its stake in SurModics by 53.3% in the 1st quarter. LS Investment Advisors LLC now owns 1,476 shares of the company’s stock valued at $64,000 after buying an additional 513 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

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 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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