SurModics, Inc. (NASDAQ:SRDX) Sees Significant Growth in Short Interest

SurModics, Inc. (NASDAQ:SRDX) was the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 704,000 shares, a growth of 28.6% from the December 31st total of 547,500 shares. Currently, 5.4% of the shares of the stock are short sold. Based on an average trading volume of 89,900 shares, the short-interest ratio is currently 7.8 days.

NASDAQ:SRDX traded down $0.55 during midday trading on Monday, hitting $39.78. 4 shares of the company traded hands, compared to its average volume of 69,642. The firm’s fifty day moving average is $41.25 and its 200-day moving average is $42.64. SurModics has a 12-month low of $38.06 and a 12-month high of $61.08. The firm has a market capitalization of $539.59 million, a P/E ratio of 72.19 and a beta of 0.99.

SurModics (NASDAQ:SRDX) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.02. SurModics had a return on equity of 8.48% and a net margin of 7.59%. The company had revenue of $30.82 million for the quarter, compared to analyst estimates of $28.53 million. On average, analysts anticipate that SurModics will post -0.25 earnings per share for the current fiscal year.

Several analysts have recently issued reports on SRDX shares. Barrington Research reaffirmed a “buy” rating and set a $62.00 price objective on shares of SurModics in a report on Friday, November 1st. BidaskClub cut SurModics from a “hold” rating to a “sell” rating in a report on Tuesday, December 31st. Lake Street Capital cut SurModics from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $75.00 to $50.00 in a report on Friday, November 1st. ValuEngine cut SurModics from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC cut SurModics from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $55.25.

In other news, CEO Gary R. Maharaj sold 702 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $41.08, for a total transaction of $28,838.16. Following the sale, the chief executive officer now directly owns 142,885 shares of the company’s stock, valued at approximately $5,869,715.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $40.39, for a total value of $201,950.00. Following the sale, the chief executive officer now directly owns 144,317 shares in the company, valued at $5,828,963.63. The disclosure for this sale can be found here. Insiders have sold a total of 10,702 shares of company stock worth $433,738 over the last ninety days. Insiders own 7.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in SurModics by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 899,737 shares of the company’s stock valued at $38,842,000 after buying an additional 38,811 shares during the period. Northern Trust Corp increased its stake in SurModics by 0.4% in the second quarter. Northern Trust Corp now owns 191,500 shares of the company’s stock worth $8,267,000 after purchasing an additional 671 shares during the period. Disciplined Growth Investors Inc. MN increased its stake in SurModics by 0.3% in the third quarter. Disciplined Growth Investors Inc. MN now owns 175,384 shares of the company’s stock worth $8,022,000 after purchasing an additional 493 shares during the period. Nuveen Asset Management LLC purchased a new stake in SurModics in the second quarter worth $6,982,000. Finally, D. E. Shaw & Co. Inc. increased its stake in SurModics by 28.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 110,896 shares of the company’s stock worth $4,788,000 after purchasing an additional 24,546 shares during the period. Institutional investors own 86.22% 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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