SurModics (NASDAQ:SRDX) Raised to Hold at BidaskClub

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BidaskClub upgraded shares of SurModics (NASDAQ:SRDX) from a sell rating to a hold rating in a research note published on Monday morning, BidAskClub reports.

Several other equities analysts have also recently weighed in on the stock. Lake Street Capital set a $75.00 price objective on shares of SurModics and gave the stock a buy rating in a research report on Thursday, May 2nd. Zacks Investment Research cut shares of SurModics from a buy rating to a hold rating and set a $41.00 price objective on the stock. in a research report on Tuesday, July 23rd. Needham & Company LLC reiterated a buy rating and set a $68.00 price objective (up from $65.00) on shares of SurModics in a research report on Thursday, August 1st. ValuEngine upgraded shares of SurModics from a buy rating to a strong-buy rating in a research report on Thursday, August 1st. Finally, Barrington Research set a $64.00 price objective on shares of SurModics and gave the stock a buy rating in a research report on Thursday, May 2nd. 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 to the stock. SurModics has an average rating of Buy and a consensus target price of $62.00.

NASDAQ SRDX opened at $44.74 on Monday. SurModics has a twelve month low of $38.06 and a twelve month high of $82.35. The stock has a market cap of $601.14 million, a price-to-earnings ratio of 91.31, a PEG ratio of 10.61 and a beta of 1.18. The firm’s 50 day moving average price is $42.06 and its two-hundred day moving average price is $44.96.

SurModics (NASDAQ:SRDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.10. SurModics had a net margin of 2.48% and a return on equity of 4.87%. The firm had revenue of $24.34 million for the quarter, compared to analysts’ expectations of $22.76 million. On average, equities research analysts expect that SurModics will post 0.42 earnings per share for the current fiscal year.

In other SurModics news, VP Joseph J. Stich sold 2,000 shares of SurModics stock in a transaction 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 sale, the vice president now owns 50,637 shares of the company’s stock, valued at approximately $2,379,939. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary R. Maharaj sold 5,000 shares of SurModics stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $40.95, for a total transaction of $204,750.00. Following the sale, the chief executive officer now directly owns 152,205 shares of the company’s stock, valued at approximately $6,232,794.75. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock valued at $744,550 in the last three months. Company insiders own 6.30% of the company’s stock.

Several large investors have recently modified their holdings of SRDX. Texas Permanent School Fund lifted its stake in shares of SurModics by 4.4% in the 1st quarter. Texas Permanent School Fund now owns 9,154 shares of the company’s stock valued at $398,000 after purchasing an additional 387 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of SurModics by 1,185.2% in the 2nd quarter. SG Americas Securities LLC now owns 65,852 shares of the company’s stock valued at $2,843,000 after purchasing an additional 60,728 shares during the last quarter. Trigran Investments Inc. lifted its stake in shares of SurModics by 1.3% in the 1st quarter. Trigran Investments Inc. now owns 805,258 shares of the company’s stock valued at $35,012,000 after purchasing an additional 10,056 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of SurModics by 59.8% in the 4th quarter. Deutsche Bank AG now owns 103,143 shares of the company’s stock valued at $4,873,000 after purchasing an additional 38,600 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of SurModics by 458.5% in the 4th quarter. Bank of America Corp DE now owns 31,782 shares of the company’s stock valued at $1,502,000 after purchasing an additional 26,091 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

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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