Surmodics, Inc. (NASDAQ:SRDX) Sees Significant Decrease in Short Interest

Surmodics, Inc. (NASDAQ:SRDX - Get Free Report) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 271,300 shares, a drop of 37.0% from the February 13th total of 430,900 shares. Currently, 2.0% of the company's stock are sold short. Based on an average daily volume of 271,700 shares, the short-interest ratio is presently 1.0 days.

Institutional Investors Weigh In On Surmodics

A number of hedge funds have recently made changes to their positions in the business. Modus Advisors LLC acquired a new stake in Surmodics in the 4th quarter valued at approximately $40,000. Quest Partners LLC raised its stake in shares of Surmodics by 107,100.0% during the third quarter. Quest Partners LLC now owns 1,072 shares of the company's stock valued at $42,000 after purchasing an additional 1,071 shares in the last quarter. R Squared Ltd acquired a new stake in Surmodics in the fourth quarter worth about $55,000. Longfellow Investment Management Co. LLC acquired a new stake in Surmodics in the third quarter worth about $67,000. Finally, Legal & General Group Plc increased its stake in Surmodics by 34.2% during the 4th quarter. Legal & General Group Plc now owns 3,452 shares of the company's stock valued at $137,000 after buying an additional 880 shares during the period. Institutional investors own 96.63% of the company's stock.

Surmodics Stock Performance

SRDX traded up $0.63 during trading on Wednesday, reaching $30.00. 125,688 shares of the company were exchanged, compared to its average volume of 171,402. Surmodics has a 52 week low of $25.17 and a 52 week high of $42.44. The company has a current ratio of 5.45, a quick ratio of 4.29 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $33.96 and a 200 day moving average of $37.22. The stock has a market cap of $428.88 million, a P/E ratio of -29.70 and a beta of 1.19.

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Surmodics (NASDAQ:SRDX - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.04. Surmodics had a negative net margin of 11.48% and a negative return on equity of 4.39%. On average, sell-side analysts forecast that Surmodics will post 0.2 EPS for the current fiscal year.

Analyst Ratings Changes

SRDX has been the topic of several research reports. Needham & Company LLC restated a "hold" rating on shares of Surmodics in a research note on Thursday, January 30th. Lake Street Capital upgraded Surmodics from a "hold" rating to a "buy" rating and set a $43.00 price objective on the stock in a research note on Friday, March 7th. Finally, StockNews.com began coverage on shares of Surmodics in a research note on Monday, February 3rd. They set a "hold" rating for the company. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $50.00.

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).