Lake Street Capital Upgrades Surmodics (NASDAQ:SRDX) to "Buy"

Lake Street Capital upgraded shares of Surmodics (NASDAQ:SRDX - Free Report) from a hold rating to a buy rating in a report issued on Friday, MarketBeat Ratings reports. Lake Street Capital currently has $43.00 price target on the stock.

SRDX has been the subject of several other research reports. Needham & Company LLC reiterated a "hold" rating on shares of Surmodics in a research note on Thursday, January 30th. StockNews.com assumed coverage on shares of Surmodics in a research note on Monday, February 3rd. They set a "hold" rating on the stock. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $50.00.

Surmodics Stock Performance

NASDAQ:SRDX traded down $0.45 during trading on Friday, reaching $27.51. The company's stock had a trading volume of 159,486 shares, compared to its average volume of 313,843. Surmodics has a 12 month low of $25.17 and a 12 month high of $42.44. The firm has a market cap of $393.28 million, a price-to-earnings ratio of -27.24 and a beta of 1.19. The firm has a 50 day moving average of $35.32 and a 200-day moving average of $37.70. The company has a debt-to-equity ratio of 0.26, a quick ratio of 4.29 and a current ratio of 5.45.

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Surmodics (NASDAQ:SRDX - Get Free Report) last released its earnings results on Thursday, February 6th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.04. Surmodics had a negative net margin of 11.48% and a negative return on equity of 4.39%. Research analysts expect that Surmodics will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Surmodics

Several institutional investors and hedge funds have recently made changes to their positions in SRDX. Principal Financial Group Inc. purchased a new stake in Surmodics during the third quarter valued at about $1,190,000. Oddo BHF Asset Management Sas purchased a new stake in Surmodics during the 3rd quarter valued at about $6,593,000. JPMorgan Chase & Co. grew its position in Surmodics by 192.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 42,470 shares of the company's stock worth $1,647,000 after acquiring an additional 27,960 shares during the last quarter. Murchinson Ltd. purchased a new position in Surmodics in the 3rd quarter worth approximately $2,133,000. Finally, State Street Corp increased its stake in Surmodics by 19.2% in the 3rd quarter. State Street Corp now owns 374,068 shares of the company's stock worth $14,506,000 after purchasing an additional 60,240 shares during the period. 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).