StockNews.com Initiates Coverage on Surmodics (NASDAQ:SRDX)

StockNews.com initiated coverage on shares of Surmodics (NASDAQ:SRDX) in a research report sent to investors on Friday morning. The brokerage issued a hold rating on the stock.

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Surmodics in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.00.

Surmodics Trading Up 1.4 %

NASDAQ SRDX opened at $39.25 on Friday. The company has a market capitalization of $560.10 million, a PE ratio of -48.46 and a beta of 1.20. Surmodics has a 1-year low of $25.17 and a 1-year high of $42.44. The company has a current ratio of 3.98, a quick ratio of 3.22 and a debt-to-equity ratio of 0.25. The firm’s fifty day simple moving average is $38.50 and its 200-day simple moving average is $39.28.

Surmodics (NASDAQ:SRDX) last issued its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.14. The company had revenue of $33.23 million for the quarter, compared to analyst estimates of $30.69 million. Surmodics had a negative return on equity of 3.77% and a negative net margin of 9.15%. As a group, sell-side analysts anticipate that Surmodics will post 0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Surmodics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SRDX. Gabelli Funds LLC boosted its holdings in shares of Surmodics by 393.7% during the 2nd quarter. Gabelli Funds LLC now owns 260,200 shares of the company’s stock worth $10,939,000 after buying an additional 207,500 shares during the period. Gardner Lewis Asset Management L P bought a new stake in Surmodics during the second quarter valued at about $8,531,000. Phocas Financial Corp. acquired a new stake in shares of Surmodics in the third quarter valued at about $3,430,000. Nisa Investment Advisors LLC increased its stake in shares of Surmodics by 4,722.3% in the second quarter. Nisa Investment Advisors LLC now owns 68,429 shares of the company’s stock worth $2,877,000 after purchasing an additional 67,010 shares during the period. Finally, Versor Investments LP acquired a new position in shares of Surmodics during the 2nd quarter worth about $2,723,000. Institutional investors and hedge funds own 96.63% of the company’s stock.

About Surmodics

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).