SurModics Inc. (NASDAQ:SRDX) shares fell 3.3% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $28.73 and last traded at $29.42, with a volume of 64,456 shares traded. The stock had previously closed at $30.42.
Specifically, CEO Gary R. Maharaj sold 5,000 shares of SurModics stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $29.55, for a total transaction of $147,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Charles W. Olson sold 9,936 shares of SurModics stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $28.98, for a total value of $287,945.28. Following the transaction, the vice president now owns 33,098 shares of the company’s stock, valued at $959,180.04. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company’s stock.
SRDX has been the subject of several recent research reports. Zacks Investment Research cut SurModics from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Sidoti cut SurModics from a “buy” rating to a “neutral” rating in a research report on Thursday.
The company has a market capitalization of $379.09 million, a P/E ratio of 43.44 and a beta of 0.97. The firm’s 50-day moving average is $29.03 and its 200 day moving average is $24.55.
SurModics (NASDAQ:SRDX) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.25. SurModics had a return on equity of 17.11% and a net margin of 14.45%. The business had revenue of $19.97 million for the quarter, compared to the consensus estimate of $16.31 million. During the same quarter in the prior year, the business posted $0.30 EPS. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, equities analysts predict that SurModics Inc. will post $1.04 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. acquired a new position in SurModics during the second quarter worth approximately $4,581,000. Wellington Management Group LLP increased its position in SurModics by 23.3% in the first quarter. Wellington Management Group LLP now owns 684,515 shares of the company’s stock worth $12,601,000 after buying an additional 129,500 shares during the last quarter. Numeric Investors LLC increased its position in SurModics by 162.2% in the second quarter. Numeric Investors LLC now owns 181,780 shares of the company’s stock worth $4,268,000 after buying an additional 112,441 shares during the last quarter. Renaissance Technologies LLC increased its position in SurModics by 10.2% in the first quarter. Renaissance Technologies LLC now owns 832,138 shares of the company’s stock worth $15,320,000 after buying an additional 77,200 shares during the last quarter. Finally, Royce & Associates LP increased its position in SurModics by 10.2% in the first quarter. Royce & Associates LP now owns 576,600 shares of the company’s stock worth $10,615,000 after buying an additional 53,400 shares during the last quarter. Institutional investors and hedge funds own 86.42% of the company’s stock.
SurModics, Inc is a provider of surface modification and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company is focused on to transform its medical device business from being a provider of coating technologies to offering whole product solutions to medical device customers.
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