SurModics (NASDAQ:SRDX) Lowered to Buy at ValuEngine

ValuEngine cut shares of SurModics (NASDAQ:SRDX) from a strong-buy rating to a buy rating in a report released on Tuesday, ValuEngine reports.

A number of other brokerages have also weighed in on SRDX. BidaskClub lowered shares of SurModics from a hold rating to a sell rating in a research note on Tuesday, December 31st. Lake Street Capital lowered shares of SurModics from a buy rating to a hold rating and reduced their target price for the stock from $75.00 to $50.00 in a research note on Friday, November 1st. Needham & Company LLC lowered shares of SurModics from a buy rating to a hold rating in a research note on Wednesday, December 11th. Finally, Barrington Research reaffirmed a buy rating and issued a $62.00 target price on shares of SurModics in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. SurModics presently has a consensus rating of Hold and an average target price of $55.25.

Shares of SRDX traded up $0.07 during trading hours on Tuesday, reaching $40.32. The stock had a trading volume of 1,070 shares, compared to its average volume of 74,940. SurModics has a 52 week low of $38.06 and a 52 week high of $61.08. The firm has a 50-day moving average of $41.23 and a 200 day moving average of $42.66. The company has a market cap of $550.32 million, a P/E ratio of 56.28 and a beta of 0.99.

SurModics (NASDAQ:SRDX) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. SurModics had a net margin of 7.59% and a return on equity of 8.48%. The business had revenue of $30.82 million during the quarter, compared to analysts’ expectations of $28.53 million. Equities analysts forecast that SurModics will post -0.25 earnings per share for the current year.

In other news, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $40.39, for a total transaction of $201,950.00. Following the completion of the transaction, the chief executive officer now directly owns 144,317 shares in the company, valued at approximately $5,828,963.63. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Gary R. Maharaj sold 702 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $41.08, for a total transaction of $28,838.16. Following the transaction, the chief executive officer now owns 142,885 shares of the company’s stock, valued at $5,869,715.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,702 shares of company stock valued at $433,738. Company insiders own 7.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of SurModics by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 899,737 shares of the company’s stock worth $38,842,000 after buying an additional 38,811 shares during the last quarter. Northern Trust Corp lifted its stake in SurModics by 0.4% in the 2nd quarter. Northern Trust Corp now owns 191,500 shares of the company’s stock valued at $8,267,000 after purchasing an additional 671 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in SurModics by 0.3% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 175,384 shares of the company’s stock valued at $8,022,000 after purchasing an additional 493 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in SurModics in the 2nd quarter valued at about $6,982,000. Finally, Marshall Wace LLP lifted its stake in SurModics by 153.0% in the 2nd quarter. Marshall Wace LLP now owns 132,150 shares of the company’s stock valued at $5,705,000 after purchasing an additional 79,908 shares during the last quarter. Institutional investors own 86.66% 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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