BidaskClub Downgrades Surmodics, Inc. (NASDAQ:SRDX) to Sell

Surmodics, Inc. (NASDAQ:SRDX) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

SRDX has been the subject of several other reports. Aegis initiated coverage on shares of Surmodics in a research note on Tuesday, June 27th. They issued a “buy” rating for the company. Zacks Investment Research downgraded shares of Surmodics from a “hold” rating to a “sell” rating in a research note on Monday, May 1st. ValuEngine downgraded shares of Surmodics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Lake Street Capital initiated coverage on shares of Surmodics in a research note on Friday, July 14th. They issued a “buy” rating and a $40.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $34.33.

Shares of Surmodics (SRDX) traded up 0.61% during mid-day trading on Friday, hitting $24.65. 11,887 shares of the stock were exchanged. The company has a 50-day moving average of $26.95 and a 200 day moving average of $24.78. Surmodics has a one year low of $21.90 and a one year high of $30.75. The stock has a market cap of $323.14 million, a PE ratio of 53.70 and a beta of 0.88.

Surmodics (NASDAQ:SRDX) last announced its earnings results on Thursday, August 3rd. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. The business had revenue of $17.80 million during the quarter, compared to the consensus estimate of $15.98 million. Surmodics had a net margin of 8.66% and a return on equity of 7.28%. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 earnings per share. On average, equities analysts predict that Surmodics will post $0.27 earnings per share for the current year.

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In other Surmodics news, VP Joseph J. Stich sold 1,000 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $25.31, for a total transaction of $25,310.00. Following the transaction, the vice president now directly owns 40,672 shares in the company, valued at approximately $1,029,408.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $28.03, for a total transaction of $140,150.00. Following the transaction, the chief executive officer now owns 131,807 shares in the company, valued at $3,694,550.21. The disclosure for this sale can be found here. Insiders have sold a total of 14,928 shares of company stock worth $392,469 over the last quarter. 6.40% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Tennessee Treasury Department increased its position in Surmodics by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 12,786 shares of the company’s stock worth $308,000 after buying an additional 1,930 shares during the period. Principal Financial Group Inc. increased its position in Surmodics by 4.0% in the first quarter. Principal Financial Group Inc. now owns 102,916 shares of the company’s stock worth $2,475,000 after buying an additional 3,978 shares during the period. State Street Corp increased its position in Surmodics by 10.8% in the fourth quarter. State Street Corp now owns 313,462 shares of the company’s stock worth $7,962,000 after buying an additional 30,557 shares during the period. Trigran Investments Inc. increased its position in Surmodics by 52.4% in the first quarter. Trigran Investments Inc. now owns 1,070,499 shares of the company’s stock worth $25,745,000 after buying an additional 368,212 shares during the period. Finally, Renaissance Technologies LLC increased its position in Surmodics by 4.0% in the first quarter. Renaissance Technologies LLC now owns 1,002,721 shares of the company’s stock worth $24,115,000 after buying an additional 38,683 shares during the period. Hedge funds and other institutional investors own 84.83% of the company’s stock.

About Surmodics

Surmodics, Inc is a provider of medical device and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company’s Medical Device segment consists of surface modification coating technologies to improve access, deliverability and predictable deployment of medical devices; international cardiology and peripheral balloon design, development and manufacturing, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device.

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