Surmodics (NASDAQ:SRDX) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of Surmodics (NASDAQ:SRDX) in a research note issued to investors on Saturday. The brokerage issued a hold rating on the stock.

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

Surmodics Price Performance

NASDAQ:SRDX opened at $39.58 on Friday. The business’s 50-day simple moving average is $38.50 and its two-hundred day simple moving average is $39.53. Surmodics has a 52 week low of $25.17 and a 52 week high of $42.44. The stock has a market cap of $567.18 million, a PE ratio of -48.86 and a beta of 1.20. The company has a quick ratio of 3.22, a current ratio of 3.96 and a debt-to-equity ratio of 0.25.

Surmodics (NASDAQ:SRDX) last issued its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.14. Surmodics had a negative return on equity of 3.79% and a negative net margin of 9.15%. The company had revenue of $33.23 million for the quarter, compared to the consensus estimate of $30.69 million. As a group, analysts forecast that Surmodics will post 0.17 EPS for the current fiscal year.

Institutional Trading of Surmodics

A number of large investors have recently added to or reduced their stakes in SRDX. Principal Financial Group Inc. purchased a new position in shares of Surmodics in the third quarter valued at $1,190,000. Renaissance Technologies LLC grew its stake in shares of Surmodics by 5.0% in the 2nd quarter. Renaissance Technologies LLC now owns 606,538 shares of the company’s stock worth $25,499,000 after buying an additional 28,990 shares in the last quarter. Gardner Lewis Asset Management L P purchased a new position in shares of Surmodics in the 2nd quarter worth $8,531,000. Sagefield Capital LP bought a new stake in shares of Surmodics in the 2nd quarter worth about $2,350,000. Finally, Trium Capital LLP purchased a new stake in shares of Surmodics during the 2nd quarter valued at about $1,406,000. Institutional investors own 96.63% of the company’s stock.

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).