Needham & Company LLC Increases SurModics (SRDX) Price Target to $55.00

SurModics (NASDAQ:SRDX) had its price target boosted by Needham & Company LLC from $46.00 to $55.00 in a research report report published on Wednesday, MarketBeat reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of SurModics from a hold rating to a buy rating and set a $46.00 target price for the company in a research report on Monday, May 7th. ValuEngine upgraded shares of SurModics from a buy rating to a strong-buy rating in a research report on Wednesday, May 2nd. BidaskClub upgraded shares of SurModics from a sell rating to a hold rating in a research report on Friday, March 2nd. Lake Street Capital restated a buy rating and set a $38.00 target price (up from $35.00) on shares of SurModics in a research report on Wednesday, February 28th. Finally, Barrington Research upgraded shares of SurModics from a market perform rating to an outperform rating in a research report on Wednesday, February 28th. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $55.00.

NASDAQ SRDX traded down $1.15 on Wednesday, reaching $48.05. 686 shares of the company’s stock traded hands, compared to its average volume of 43,604. The company has a market capitalization of $619.81 million, a PE ratio of 106.25 and a beta of 0.52. SurModics has a fifty-two week low of $47.50 and a fifty-two week high of $48.95.

SurModics (NASDAQ:SRDX) last posted its earnings results on Wednesday, May 2nd. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.08. The company had revenue of $19.06 million during the quarter, compared to the consensus estimate of $17.92 million. SurModics had a net margin of 1.49% and a return on equity of 5.33%. equities analysts predict that SurModics will post -0.02 earnings per share for the current year.

In other SurModics news, VP Joseph J. Stich sold 1,000 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $33.53, for a total value of $33,530.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 7.70% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. Barclays PLC raised its position in shares of SurModics by 408.1% in the first quarter. Barclays PLC now owns 11,040 shares of the company’s stock worth $420,000 after acquiring an additional 8,867 shares during the period. Principal Financial Group Inc. raised its position in shares of SurModics by 3.1% in the first quarter. Principal Financial Group Inc. now owns 101,152 shares of the company’s stock worth $3,849,000 after acquiring an additional 3,051 shares during the period. Spark Investment Management LLC raised its position in shares of SurModics by 38.1% in the first quarter. Spark Investment Management LLC now owns 11,600 shares of the company’s stock worth $441,000 after acquiring an additional 3,200 shares during the period. Matarin Capital Management LLC acquired a new position in shares of SurModics in the first quarter worth about $363,000. Finally, BlackRock Inc. raised its position in shares of SurModics by 2.4% in the first quarter. BlackRock Inc. now owns 1,817,965 shares of the company’s stock worth $69,173,000 after acquiring an additional 42,328 shares during the period. Institutional investors and hedge funds own 84.26% of the company’s stock.

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.

Analyst Recommendations for SurModics (NASDAQ:SRDX)

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