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

StockNews.com began coverage on shares of Surmodics (NASDAQ:SRDX - Free Report) in a research report released on Sunday morning. The brokerage issued a hold rating on the stock.

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

Surmodics Price Performance

SRDX traded down $0.09 on Friday, reaching $39.45. 35,422 shares of the company's stock were exchanged, compared to its average volume of 201,041. The stock has a market cap of $565.32 million, a PE ratio of -48.70 and a beta of 1.20. Surmodics has a twelve month low of $25.17 and a twelve month high of $42.44. The stock's fifty day moving average price is $38.52 and its 200-day moving average price is $39.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 3.22.

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

Insider Buying and Selling at Surmodics

In other news, CFO Timothy J. Arens sold 7,009 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $39.44, for a total value of $276,434.96. Following the completion of the transaction, the chief financial officer now directly owns 70,350 shares of the company's stock, valued at $2,774,604. This represents a 9.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 8.90% of the company's stock.

Hedge Funds Weigh In On Surmodics

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Surmodics by 0.7% during the first quarter. Vanguard Group Inc. now owns 865,214 shares of the company's stock valued at $25,385,000 after purchasing an additional 5,927 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Surmodics by 4,722.3% in the second quarter. Nisa Investment Advisors LLC now owns 68,429 shares of the company's stock worth $2,877,000 after purchasing an additional 67,010 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Surmodics by 16.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,610 shares of the company's stock worth $2,464,000 after purchasing an additional 8,220 shares during the period. Bailard Inc. purchased a new stake in shares of Surmodics during the second quarter worth about $257,000. Finally, Versor Investments LP acquired a new stake in Surmodics during the 2nd quarter worth about $2,723,000. 96.63% of the stock is currently owned by hedge funds and other institutional investors.

Surmodics Company Profile

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).