Brokerages Set SurModics, Inc. (SRDX) PT at $80.33

Shares of SurModics, Inc. (NASDAQ:SRDX) have been given an average rating of “Buy” by the seven research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $80.33.

A number of equities analysts have weighed in on the stock. BidaskClub downgraded shares of SurModics from a “buy” rating to a “hold” rating in a research note on Saturday. Barrington Research increased their price target on shares of SurModics to $77.00 and gave the company an “outperform” rating in a report on Thursday, August 23rd. Lake Street Capital increased their price target on shares of SurModics to $90.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Needham & Company LLC reiterated a “buy” rating and set a $74.00 price target on shares of SurModics in a report on Monday, August 6th. Finally, Zacks Investment Research cut shares of SurModics from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd.

In other news, VP Gregg S. Sutton sold 14,824 shares of the stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $74.14, for a total transaction of $1,099,051.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Susan E. Knight sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $72.93, for a total transaction of $437,580.00. Following the completion of the sale, the director now owns 19,728 shares in the company, valued at approximately $1,438,763.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,824 shares of company stock worth $1,970,801. Corporate insiders own 7.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of SRDX. BlackRock Inc. boosted its holdings in SurModics by 13.9% in the second quarter. BlackRock Inc. now owns 2,069,955 shares of the company’s stock worth $114,261,000 after purchasing an additional 251,990 shares during the last quarter. Federated Investors Inc. PA purchased a new stake in SurModics in the second quarter worth approximately $3,959,000. Acadian Asset Management LLC boosted its holdings in SurModics by 34.2% in the second quarter. Acadian Asset Management LLC now owns 154,135 shares of the company’s stock worth $8,509,000 after purchasing an additional 39,277 shares during the last quarter. EAM Global Investors LLC purchased a new stake in SurModics in the first quarter worth approximately $1,378,000. Finally, ClariVest Asset Management LLC purchased a new stake in SurModics in the second quarter worth approximately $1,456,000. Institutional investors own 85.34% of the company’s stock.

Shares of NASDAQ SRDX traded up $0.39 on Wednesday, reaching $66.05. 71,500 shares of the company’s stock traded hands, compared to its average volume of 76,924. SurModics has a 12 month low of $25.00 and a 12 month high of $82.35. The company has a market capitalization of $996.70 million, a price-to-earnings ratio of 128.68, a P/E/G ratio of 17.36 and a beta of 0.67.

SurModics (NASDAQ:SRDX) last announced its earnings results on Monday, August 6th. The company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.51. SurModics had a negative net margin of 2.94% and a positive return on equity of 7.53%. The business had revenue of $22.23 million during the quarter, compared to the consensus estimate of $19.81 million. As a group, research analysts forecast that SurModics will post 0.43 earnings per share for the current year.

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 Ireland. It operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment 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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