SurModics, Inc. (NASDAQ:SRDX) was the target of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 334,200 shares, a drop of 13.8% from the June 30th total of 387,700 shares. Based on an average daily trading volume, of 68,700 shares, the short-interest ratio is presently 4.9 days. Currently, 2.6% of the company’s shares are short sold.
Several analysts recently weighed in on SRDX shares. BidaskClub upgraded shares of SurModics from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Needham & Company LLC upgraded SurModics from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Thursday, July 23rd. ValuEngine lowered SurModics from a “buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Lake Street Capital lifted their target price on SurModics from $50.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, June 1st. They noted that the move was a valuation call. Finally, Barrington Research reissued a “buy” rating and set a $62.00 price target on shares of SurModics in a research report on Wednesday, June 10th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $66.33.
In related news, CEO Gary R. Maharaj sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $43.02, for a total transaction of $86,040.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Joseph J. Stich sold 2,500 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $45.00, for a total transaction of $112,500.00. The disclosure for this sale can be found here. 7.70% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of SurModics in the 1st quarter valued at about $227,000. Wellington Management Group LLP lifted its stake in SurModics by 7.6% in the 1st quarter. Wellington Management Group LLP now owns 718,278 shares of the company’s stock valued at $23,932,000 after buying an additional 50,601 shares in the last quarter. Goldman Sachs Group Inc. increased its position in SurModics by 23.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 206,309 shares of the company’s stock worth $8,547,000 after purchasing an additional 39,351 shares in the last quarter. State Street Corp lifted its holdings in SurModics by 2.7% in the 1st quarter. State Street Corp now owns 497,340 shares of the company’s stock valued at $16,571,000 after purchasing an additional 12,919 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of SurModics by 547.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 19,255 shares of the company’s stock worth $642,000 after purchasing an additional 16,282 shares during the last quarter. Institutional investors own 90.42% of the company’s stock.
Shares of NASDAQ SRDX opened at $47.29 on Friday. SurModics has a 12-month low of $22.06 and a 12-month high of $49.00. The stock has a market cap of $643.43 million, a P/E ratio of 77.52, a PEG ratio of 23.65 and a beta of 0.98. The business’s fifty day simple moving average is $43.22 and its 200-day simple moving average is $37.94.
SurModics (NASDAQ:SRDX) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.15. SurModics had a return on equity of 6.99% and a net margin of 6.59%. The company had revenue of $22.82 million for the quarter, compared to analyst estimates of $22.47 million. As a group, sell-side analysts expect that SurModics will post 0.2 earnings per share for the current fiscal year.
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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