According to Zacks, “Surmodics’ concentrated consumer base with only a limited number of key customers is concerning. Also, the company faces stiff competition in the diagnostics market. We are also worried about the company’s SurVeil drug-coated balloon development program, which is still in the early stages of development. Any obstacle in development of the product would weigh heavily on the stock. Moreover, the company is looking for a suitable partner for the development of this product. Estimates have declined ahead of the company’s first-quarter fiscal 2017 earnings release. However, the company’s shares have outperformed that of the industry in the past one year. Also, the acquisitions of NorMedix and Creagh Medical bode well for the company as it supports management’s growth strategy of expanding the intravascular product solution offerings for medical device customers.”
Other equities analysts have also recently issued research reports about the company. Sidoti cut Surmodics from a buy rating to a neutral rating and set a $33.00 price target for the company. in a report on Thursday, October 6th. TheStreet cut Surmodics from a buy rating to a hold rating in a report on Monday, November 28th. Finally, Barrington Research cut Surmodics from an outperform rating to a market perform rating in a report on Monday, November 21st.
Shares of Surmodics (NASDAQ:SRDX) traded down 1.18% during trading on Tuesday, hitting $25.05. 20,348 shares of the stock were exchanged. The firm has a 50 day moving average of $25.17 and a 200-day moving average of $26.65. Surmodics has a 12-month low of $17.45 and a 12-month high of $30.75. The company has a market cap of $330.84 million, a price-to-earnings ratio of 32.96 and a beta of 1.00.
Surmodics (NASDAQ:SRDX) last posted its earnings results on Wednesday, November 16th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.17. The firm earned $18.20 million during the quarter, compared to the consensus estimate of $16.09 million. Surmodics had a net margin of 13.99% and a return on equity of 15.98%. The company’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. On average, analysts forecast that Surmodics will post $0.25 earnings per share for the current year.
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In other news, VP Charles W. Olson sold 3,699 shares of the stock in a transaction that occurred on Thursday, December 8th. The stock was sold at an average price of $26.02, for a total transaction of $96,247.98. Following the completion of the transaction, the vice president now directly owns 28,587 shares in the company, valued at approximately $743,833.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $25.22, for a total value of $126,100.00. Following the transaction, the chief executive officer now owns 130,207 shares of the company’s stock, valued at $3,283,820.54. The disclosure for this sale can be found here. Insiders own 6.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Surmodics by 6.7% in the third quarter. JPMorgan Chase & Co. now owns 400,974 shares of the company’s stock valued at $12,065,000 after buying an additional 25,249 shares during the period. Prudential Financial Inc. boosted its position in Surmodics by 1.0% in the second quarter. Prudential Financial Inc. now owns 46,622 shares of the company’s stock valued at $1,095,000 after buying an additional 460 shares during the period. Emerald Acquisition Ltd. acquired a new position in Surmodics during the second quarter valued at approximately $4,581,000. Perkins Capital Management Inc. acquired a new position in Surmodics during the third quarter valued at approximately $1,316,000. Finally, Ameriprise Financial Inc. boosted its position in Surmodics by 6.7% in the second quarter. Ameriprise Financial Inc. now owns 65,348 shares of the company’s stock valued at $1,535,000 after buying an additional 4,132 shares during the period. Institutional investors own 87.06% 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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