SurModics (SRDX) Rating Increased to Strong-Buy at BidaskClub

BidaskClub upgraded shares of SurModics (NASDAQ:SRDX) from a buy rating to a strong-buy rating in a research report report published on Saturday.

Several other equities research analysts also recently weighed in on SRDX. ValuEngine raised shares of SurModics from a buy rating to a strong-buy rating in a research note on Wednesday, May 2nd. Lake Street Capital upped their target price on shares of SurModics from $38.00 to $76.00 and gave the stock a buy rating in a research note on Wednesday, May 2nd. Barrington Research upped their target price on shares of SurModics from $22.50 to $43.00 and gave the stock an outperform rating in a research note on Thursday, May 3rd. Zacks Investment Research raised shares of SurModics from a hold rating to a buy rating and set a $46.00 target price on the stock in a research note on Monday, May 7th. Finally, Needham & Company LLC boosted their price target on shares of SurModics from $46.00 to $55.00 and gave the stock a buy rating in a report on Wednesday, May 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. SurModics has a consensus rating of Buy and a consensus price target of $70.75.

Shares of SRDX opened at $70.95 on Friday. SurModics has a fifty-two week low of $24.60 and a fifty-two week high of $71.10. The company has a market cap of $940.65 million, a P/E ratio of 139.12, a price-to-earnings-growth ratio of 16.38 and a beta of 0.61.

SurModics (NASDAQ:SRDX) last announced its earnings results on Monday, August 6th. The company reported $0.27 earnings per share for the quarter, topping the 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 firm had revenue of $22.23 million for the quarter, compared to the consensus estimate of $19.81 million. analysts predict that SurModics will post 0.43 earnings per share for the current year.

In other SurModics news, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $58.93, for a total transaction of $294,650.00. Following the completion of the transaction, the chief executive officer now owns 174,586 shares in the company, valued at approximately $10,288,352.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jose H. Bedoya sold 11,450 shares of the business’s stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $48.17, for a total transaction of $551,546.50. Following the transaction, the director now owns 30,889 shares of the company’s stock, valued at approximately $1,487,923.13. The disclosure for this sale can be found here. Insiders have sold a total of 75,450 shares of company stock valued at $3,864,477 in the last quarter. 7.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in SurModics during the 1st quarter worth approximately $122,000. Piedmont Investment Advisors LLC acquired a new position in SurModics during the 2nd quarter worth approximately $170,000. MetLife Investment Advisors LLC acquired a new position in SurModics during the 4th quarter worth approximately $172,000. South State Corp acquired a new position in shares of SurModics in the 2nd quarter valued at $243,000. Finally, Aperio Group LLC acquired a new position in shares of SurModics in the 2nd quarter valued at $321,000. Institutional investors own 84.04% 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.

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