StockNews.com Begins Coverage on Surmodics (NASDAQ:SRDX)

StockNews.com assumed coverage on shares of Surmodics (NASDAQ:SRDX - Free Report) in a research note published on Wednesday. The firm issued a hold rating on the stock.

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

Surmodics Stock Performance

Shares of NASDAQ SRDX traded up $0.16 during trading on Wednesday, reaching $39.68. The stock had a trading volume of 56,739 shares, compared to its average volume of 224,820. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.22 and a current ratio of 3.96. The stock has a market cap of $567.19 million, a PE ratio of -48.99 and a beta of 1.22. Surmodics has a one year low of $25.17 and a one year high of $42.44. The firm's 50 day moving average price is $38.98 and its two-hundred day moving average price is $39.93.

Surmodics (NASDAQ:SRDX - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $30.69 million. On average, research analysts forecast that Surmodics will post 0.17 earnings per share for the current fiscal year.

Insider Activity at Surmodics

In other Surmodics 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 sale, the chief financial officer now directly owns 70,350 shares in the company, valued at $2,774,604. This represents a 9.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.90% of the stock is currently owned by insiders.

Institutional Trading of Surmodics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in Surmodics by 5.0% during the second quarter. Renaissance Technologies LLC now owns 606,538 shares of the company's stock worth $25,499,000 after acquiring an additional 28,990 shares during the period. State Street Corp boosted its position in shares of Surmodics by 19.2% during the 3rd quarter. State Street Corp now owns 374,068 shares of the company's stock valued at $14,506,000 after purchasing an additional 60,240 shares in the last quarter. Gabelli Funds LLC grew its stake in shares of Surmodics by 393.7% in 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 last quarter. Gardner Lewis Asset Management L P bought a new stake in shares of Surmodics in the 2nd quarter worth approximately $8,531,000. Finally, Oddo BHF Asset Management Sas acquired a new stake in Surmodics during the third quarter valued at approximately $6,593,000. Institutional investors own 96.63% of the company's stock.

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).