Surmodics (NASDAQ:SRDX) Sees Large Volume Increase – What’s Next?

Shares of Surmodics, Inc. (NASDAQ:SRDX) saw strong trading volume on Tuesday . 517,751 shares were traded during mid-day trading, an increase of 121% from the previous session’s volume of 234,153 shares.The stock last traded at $42.3450 and had previously closed at $42.83.

Analyst Upgrades and Downgrades

SRDX has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Surmodics in a report on Wednesday, October 8th. Zacks Research raised shares of Surmodics to a “hold” rating in a report on Tuesday, August 12th. Finally, Barrington Research restated an “underperform” rating on shares of Surmodics in a research report on Friday. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Surmodics currently has an average rating of “Reduce” and an average target price of $43.00.

Surmodics Price Performance

The stock has a market capitalization of $605.21 million, a P/E ratio of -34.40 and a beta of 1.30. The company has a quick ratio of 3.10, a current ratio of 3.91 and a debt-to-equity ratio of 0.27. The business’s 50 day simple moving average is $30.47 and its two-hundred day simple moving average is $31.18.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SRDX. Citadel Advisors LLC grew its holdings in shares of Surmodics by 485.6% in the third quarter. Citadel Advisors LLC now owns 365,110 shares of the company’s stock valued at $10,913,000 after acquiring an additional 302,757 shares in the last quarter. Man Group plc bought a new stake in shares of Surmodics during the third quarter valued at about $4,054,000. Groupe la Francaise bought a new position in Surmodics in the 1st quarter valued at $3,648,000. Millennium Management LLC raised its stake in Surmodics by 71.6% in the first quarter. Millennium Management LLC now owns 206,487 shares of the company’s stock valued at $6,304,000 after purchasing an additional 86,143 shares in the last quarter. Finally, Tabor Asset Management LP bought a new position in Surmodics in the first quarter valued at $2,476,000. 96.63% of the stock is currently owned by hedge funds and other institutional investors.

Surmodics Company Profile

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).