SurModics, Inc. (SRDX) Receives Average Rating of “Buy” from Analysts

SurModics, Inc. (NASDAQ:SRDX) has been given an average recommendation of “Buy” by the seven analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $80.33.

Several analysts have recently issued reports on SRDX shares. BidaskClub lowered shares of SurModics from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 4th. Needham & Company LLC reiterated a “buy” rating and issued a $74.00 target price on shares of SurModics in a research report on Friday, November 9th. Finally, Zacks Investment Research reiterated a “hold” rating on shares of SurModics in a research report on Friday, November 16th.

SRDX stock traded down $0.83 during midday trading on Friday, hitting $47.62. 49,461 shares of the stock traded hands, compared to its average volume of 79,643. The firm has a market cap of $673.66 million, a PE ratio of 97.18, a P/E/G ratio of 62.45 and a beta of 1.15. SurModics has a 1-year low of $25.00 and a 1-year high of $82.35.

SurModics (NASDAQ:SRDX) last released its quarterly earnings results on Friday, November 9th. The company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. The company had revenue of $23.04 million for the quarter, compared to analyst estimates of $22.54 million. SurModics had a negative net margin of 5.48% and a positive return on equity of 6.12%. Research analysts predict that SurModics will post 0.08 EPS for the current year.

In other news, VP Joseph J. Stich sold 2,000 shares of the firm’s stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $63.77, for a total value of $127,540.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gary R. Maharaj sold 5,000 shares of the firm’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $62.21, for a total transaction of $311,050.00. Following the completion of the transaction, the chief executive officer now directly owns 166,086 shares in the company, valued at $10,332,210.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,000 shares of company stock worth $966,440. Company insiders own 7.70% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc lifted its stake in shares of SurModics by 7.1% in the third quarter. Vanguard Group Inc now owns 808,645 shares of the company’s stock worth $60,366,000 after buying an additional 53,835 shares in the last quarter. Federated Investors Inc. PA lifted its stake in shares of SurModics by 61.7% in the third quarter. Federated Investors Inc. PA now owns 115,997 shares of the company’s stock worth $8,659,000 after buying an additional 44,275 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of SurModics by 7.1% in the third quarter. Vanguard Group Inc. now owns 808,645 shares of the company’s stock worth $60,366,000 after buying an additional 53,835 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of SurModics by 7.6% in the third quarter. Legal & General Group Plc now owns 28,332 shares of the company’s stock worth $2,108,000 after buying an additional 1,993 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of SurModics by 1,027.1% in the third quarter. AQR Capital Management LLC now owns 155,695 shares of the company’s stock worth $11,623,000 after buying an additional 141,881 shares in the last quarter. 83.97% of the stock is currently owned by hedge funds and other institutional investors.

SurModics Company Profile

Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and internationally. The company operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment designs, develops, and manufactures interventional medical devices primarily for the peripheral vascular market; and offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.

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