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

Investment analysts at StockNews.com assumed coverage on shares of Surmodics (NASDAQ:SRDX) in a research note issued to investors on Tuesday. The firm set a “hold” rating on the stock.

Separately, Needham & Company LLC restated 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, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.00.

Surmodics Stock Down 0.7 %

Shares of SRDX stock opened at $39.70 on Tuesday. The stock’s fifty day moving average price is $38.86 and its 200 day moving average price is $40.01. Surmodics has a 1-year low of $25.17 and a 1-year high of $42.44. The company has a market cap of $568.74 million, a price-to-earnings ratio of -49.01 and a beta of 1.22. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 3.22.

Surmodics (NASDAQ:SRDX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.14. The business 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 3.79% and a negative net margin of 9.15%. On average, research analysts expect that Surmodics will post 0.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Timothy J. Arens sold 7,009 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $39.44, for a total transaction of $276,434.96. Following the completion of the transaction, the chief financial officer now owns 70,350 shares of the company’s stock, valued at $2,774,604. This trade represents a 9.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Surmodics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC boosted its stake in shares of Surmodics by 107,100.0% in the third quarter. Quest Partners LLC now owns 1,072 shares of the company’s stock worth $42,000 after buying an additional 1,071 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in Surmodics in the third quarter valued at approximately $67,000. Hardin Capital Partners LLC purchased a new stake in Surmodics in the 2nd quarter worth approximately $206,000. SG Americas Securities LLC acquired a new stake in shares of Surmodics during the 3rd quarter worth approximately $220,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Surmodics during the 2nd quarter valued at approximately $229,000. 96.63% of the stock is owned by institutional investors and hedge funds.

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).