SurModics (NASDAQ:SRDX) Stock Rating Upgraded by ValuEngine

SurModics (NASDAQ:SRDX) was upgraded by research analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.

SRDX has been the topic of a number of other reports. Barrington Research set a $64.00 price objective on shares of SurModics and gave the company a “buy” rating in a research note 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 note on Tuesday, July 23rd. BidaskClub raised shares of SurModics from a “sell” rating to a “hold” rating in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $68.00 price objective (up from $65.00) on shares of SurModics in a research note on Thursday. Finally, Lake Street Capital set a $75.00 price objective on shares of SurModics and gave the company a “buy” rating in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. SurModics has an average rating of “Buy” and an average target price of $62.00.

NASDAQ SRDX traded down $1.38 during trading hours on Thursday, reaching $45.58. The company’s stock had a trading volume of 190,892 shares, compared to its average volume of 73,239. The company has a market cap of $562.47 million, a PE ratio of 106.92, a PEG ratio of 13.90 and a beta of 1.18. SurModics has a fifty-two week low of $38.06 and a fifty-two week high of $82.35. The business’s 50-day moving average price is $41.02.

SurModics (NASDAQ:SRDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.10. The firm had revenue of $24.34 million for the quarter, compared to analysts’ expectations of $22.76 million. SurModics had a net margin of 2.48% and a return on equity of 4.94%. As a group, analysts anticipate that SurModics will post 0.3 earnings per share for the current year.

In other SurModics news, CEO Gary R. Maharaj sold 5,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.66, for a total value of $213,300.00. Following the transaction, the chief executive officer now directly owns 150,235 shares in the company, valued at approximately $6,409,025.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.70% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. United Services Automobile Association raised its stake in SurModics by 58.3% during the fourth quarter. United Services Automobile Association now owns 5,792 shares of the company’s stock worth $274,000 after purchasing an additional 2,134 shares during the period. Principal Financial Group Inc. raised its stake in SurModics by 3.5% during the fourth quarter. Principal Financial Group Inc. now owns 115,720 shares of the company’s stock worth $5,469,000 after purchasing an additional 3,924 shares during the period. Two Sigma Advisers LP raised its stake in SurModics by 10.9% during the fourth quarter. Two Sigma Advisers LP now owns 66,930 shares of the company’s stock worth $3,163,000 after purchasing an additional 6,591 shares during the period. Bank of America Corp DE raised its stake in SurModics by 458.5% during the fourth quarter. Bank of America Corp DE now owns 31,782 shares of the company’s stock worth $1,502,000 after purchasing an additional 26,091 shares during the period. Finally, Squarepoint Ops LLC raised its stake in SurModics by 144.3% during the fourth quarter. Squarepoint Ops LLC now owns 18,572 shares of the company’s stock worth $878,000 after purchasing an additional 10,969 shares during the period. Institutional investors own 86.60% of the company’s stock.

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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