Surrozen (NASDAQ:SRZN) Releases Quarterly Earnings Results, Beats Estimates By $0.88 EPS

Surrozen (NASDAQ:SRZN) released its earnings results on Thursday. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.88, FiscalAI reports. The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $0.47 million.

Surrozen Price Performance

Shares of Surrozen stock traded up $3.98 during trading on Friday, reaching $25.62. 371,183 shares of the stock traded hands, compared to its average volume of 267,200. Surrozen has a 52-week low of $9.11 and a 52-week high of $35.00. The business has a fifty day simple moving average of $22.86 and a two-hundred day simple moving average of $25.37. The company has a market capitalization of $297.45 million, a price-to-earnings ratio of -0.68 and a beta of 0.52.

Insider Activity at Surrozen

In related news, major shareholder Tcg Crossover Gp Ii, Llc sold 325,000 shares of the stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $21.25, for a total transaction of $6,906,250.00. Following the completion of the transaction, the insider directly owned 574,047 shares of the company’s stock, valued at approximately $12,198,498.75. This represents a 36.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 31.74% of the company’s stock.

Institutional Trading of Surrozen

Hedge funds have recently modified their holdings of the company. Millennium Management LLC increased its position in Surrozen by 557.1% in the fourth quarter. Millennium Management LLC now owns 721,266 shares of the company’s stock worth $16,301,000 after purchasing an additional 611,497 shares during the last quarter. Braidwell LP grew its stake in shares of Surrozen by 235.7% in the 4th quarter. Braidwell LP now owns 470,000 shares of the company’s stock worth $10,622,000 after buying an additional 330,000 shares in the last quarter. Kalehua Capital Management LLC purchased a new position in shares of Surrozen in the 4th quarter worth $8,705,000. Vanguard Group Inc. increased its holdings in shares of Surrozen by 21.7% in the 3rd quarter. Vanguard Group Inc. now owns 266,418 shares of the company’s stock worth $3,433,000 after buying an additional 47,468 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Surrozen by 169.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 190,489 shares of the company’s stock worth $4,305,000 after buying an additional 119,757 shares during the last quarter. 66.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SRZN. TD Cowen initiated coverage on Surrozen in a report on Tuesday, April 21st. They issued a “buy” rating for the company. HC Wainwright reiterated a “buy” rating and set a $44.00 target price (up from $36.00) on shares of Surrozen in a research report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Surrozen in a research note on Friday, July 17th. Finally, Zacks Research raised shares of Surrozen from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Surrozen presently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Surrozen Company Profile

Surrozen, Inc is a clinical-stage biopharmaceutical company focused on developing novel therapeutic antibodies that target the Wnt signaling pathway for applications in tissue repair, regeneration and oncology. Founded in 2012 and headquartered in South San Francisco, California, the company leverages its proprietary SurroBody platform to design bispecific antibody molecules capable of modulating Wnt receptor activity with enhanced tissue specificity.

The SurroBody platform enables the generation of high-affinity, dual-binding antibodies engineered to either activate or inhibit Wnt signaling, a pathway critical to cell proliferation, differentiation and homeostasis.