Surmodics, Inc. (NASDAQ:SRDX) Short Interest Down 25.3% in September

Surmodics, Inc. (NASDAQ:SRDX) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 321,000 shares, a decline of 25.3% from the August 31st total of 429,600 shares. Approximately 2.4% of the company’s shares are short sold. Based on an average daily volume of 404,700 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Trading of Surmodics

A number of hedge funds and other institutional investors have recently modified their holdings of SRDX. Water Island Capital LLC bought a new position in Surmodics in the 2nd quarter worth about $1,160,000. Algert Global LLC bought a new position in Surmodics in the 2nd quarter worth about $577,000. Susquehanna Fundamental Investments LLC bought a new position in Surmodics in the 2nd quarter worth about $273,000. Mackenzie Financial Corp bought a new position in Surmodics in the 2nd quarter worth about $267,000. Finally, The Manufacturers Life Insurance Company bought a new position in Surmodics in the 2nd quarter worth about $229,000. 96.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SRDX has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Surmodics in a research report on Saturday. They set a “hold” rating on the stock. Needham & Company LLC reissued a “hold” rating on shares of Surmodics in a research report on Monday, August 5th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.00.

Surmodics Stock Up 0.1 %

NASDAQ:SRDX opened at $38.49 on Friday. The firm’s 50-day moving average price is $40.03 and its 200-day moving average price is $36.54. The company has a market capitalization of $548.87 million, a PE ratio of 40.52 and a beta of 1.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.98 and a quick ratio of 3.22. Surmodics has a 1-year low of $25.17 and a 1-year high of $42.44.

Surmodics (NASDAQ:SRDX) last released its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The firm had revenue of $30.34 million for the quarter, compared to the consensus estimate of $30.32 million. Surmodics had a negative net margin of 1.16% and a positive return on equity of 3.88%. On average, equities analysts predict that Surmodics will post -0.47 EPS for the current fiscal year.

Surmodics Company Profile

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).