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

Analysts at StockNews.com initiated coverage on shares of Surmodics (NASDAQ:SRDX) in a research report issued to clients and investors on Wednesday. The brokerage set a “hold” rating on the stock.

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

Surmodics Stock Performance

Shares of NASDAQ:SRDX opened at $39.67 on Wednesday. The firm has a fifty day simple moving average of $39.00 and a two-hundred day simple moving average of $39.93. Surmodics has a 52 week low of $25.17 and a 52 week high of $42.44. The company has a quick ratio of 3.22, a current ratio of 3.96 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $567.04 million, a P/E ratio of -48.97 and a beta of 1.22.

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

Insider Buying and Selling at Surmodics

In other news, CFO Timothy J. Arens sold 7,009 shares of Surmodics stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $39.44, for a total transaction of $276,434.96. Following the completion of the sale, the chief financial officer now directly owns 70,350 shares in the company, valued at approximately $2,774,604. This trade represents a 9.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Gabelli Funds LLC increased its holdings in Surmodics by 393.7% during the 2nd quarter. Gabelli Funds LLC now owns 260,200 shares of the company’s stock worth $10,939,000 after purchasing an additional 207,500 shares during the period. Gardner Lewis Asset Management L P bought a new position in Surmodics in the second quarter worth about $8,531,000. Oddo BHF Asset Management Sas purchased a new stake in shares of Surmodics during the third quarter valued at about $6,593,000. Phocas Financial Corp. bought a new stake in shares of Surmodics in the 3rd quarter valued at about $3,430,000. Finally, Versor Investments LP purchased a new position in shares of Surmodics in the 2nd quarter worth approximately $2,723,000. Hedge funds and other institutional investors own 96.63% of the company’s stock.

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).