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

StockNews.com assumed coverage on shares of Surmodics (NASDAQ:SRDX) in a report issued on Thursday. The firm issued a hold rating on the stock.

Several other research firms have also issued reports on SRDX. Lake Street Capital restated a hold rating and issued a $43.00 target price on shares of Surmodics in a report on Wednesday, May 29th. Barrington Research reissued a market perform rating on shares of Surmodics in a research note on Thursday, May 30th. Sidoti reaffirmed a neutral rating and set a $43.00 target price on shares of Surmodics in a research note on Wednesday, May 29th. Finally, Needham & Company LLC reissued a hold rating on shares of Surmodics in a research note on Monday, August 5th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Surmodics currently has an average rating of Hold and a consensus price target of $50.00.

Surmodics Price Performance

NASDAQ:SRDX opened at $39.36 on Thursday. The firm has a market capitalization of $561.67 million, a price-to-earnings ratio of 41.43 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. The business has a 50 day simple moving average of $40.62 and a 200-day simple moving average of $35.96. Surmodics has a 1 year low of $25.17 and a 1 year high of $42.44.

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

Institutional Investors Weigh In On Surmodics

Several hedge funds have recently made changes to their positions in SRDX. Acadian Asset Management LLC raised its holdings in shares of Surmodics by 11.3% in the first quarter. Acadian Asset Management LLC now owns 408,779 shares of the company’s stock valued at $11,988,000 after acquiring an additional 41,617 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Surmodics by 109.8% in the 4th quarter. Panagora Asset Management Inc. now owns 44,664 shares of the company’s stock worth $1,624,000 after purchasing an additional 23,379 shares during the period. Bailard Inc. bought a new position in shares of Surmodics during the second quarter valued at approximately $257,000. Trium Capital LLP purchased a new position in Surmodics during the second quarter valued at approximately $1,406,000. Finally, Nisa Investment Advisors LLC increased its holdings in Surmodics by 4,722.3% during the second quarter. Nisa Investment Advisors LLC now owns 68,429 shares of the company’s stock valued at $2,877,000 after buying an additional 67,010 shares during the period. 96.63% of the stock is currently owned by hedge funds and other institutional investors.

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).