Zacks Investment Research cut shares of Surmodics, Inc. (NASDAQ:SRDX) from a hold rating to a sell rating in a research report report published on Wednesday morning.

According to Zacks, “Despite an impressive fourth quarter of fiscal 2017, Surmodics witnessed significantly high operating losses, specifically in Ireland. Product sales declined substantially owing to shipment issues, particularly in the Medical Device segment. Furthermore, foreign-exchange woes related to the Creagh Medical buyout have been a major dampener. Surmodics’ drug-coated balloons face stiff competition from the products of MedTech bigwigs like Medtronic. The stock looks a little overvalued at the moment. However, the latest regulatory approval for SurVeil reflects Surmodics’ solid foothold in the drug-delivery space. The company’s solid initiatives to strengthen its research and development programs hold promise. Surmodics issued a solid guidance for fiscal 2018. Over the last six months, the company has had an impressive run on the bourses, trading above the broader industry.”

A number of other research analysts have also weighed in on SRDX. BidaskClub lowered shares of Surmodics from a buy rating to a hold rating in a research note on Tuesday, July 25th. ValuEngine lowered shares of Surmodics from a hold rating to a sell rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $40.00.

Surmodics (NASDAQ SRDX) traded down $0.20 during trading hours on Wednesday, hitting $30.00. The stock had a trading volume of 12,989 shares, compared to its average volume of 38,982. Surmodics has a 52-week low of $21.90 and a 52-week high of $32.80. The firm has a market cap of $390.05, a PE ratio of 57.65 and a beta of 0.78.

Surmodics (NASDAQ:SRDX) last posted its earnings results on Wednesday, November 8th. The company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.19. The firm had revenue of $20.06 million for the quarter, compared to analysts’ expectations of $16.98 million. Surmodics had a return on equity of 6.18% and a net margin of 5.37%. equities research analysts anticipate that Surmodics will post -0.33 earnings per share for the current year.

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In related news, VP Joseph J. Stich sold 1,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $27.28, for a total value of $27,280.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 6.40% of the company’s stock.

A number of institutional investors have recently modified their holdings of SRDX. Principal Financial Group Inc. lifted its stake in Surmodics by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 102,916 shares of the company’s stock worth $2,475,000 after purchasing an additional 3,978 shares in the last quarter. TIAA CREF Investment Management LLC lifted its stake in Surmodics by 6.8% in the 1st quarter. TIAA CREF Investment Management LLC now owns 53,251 shares of the company’s stock worth $1,281,000 after purchasing an additional 3,383 shares in the last quarter. Legal & General Group Plc lifted its stake in Surmodics by 2.3% in the 1st quarter. Legal & General Group Plc now owns 22,754 shares of the company’s stock worth $548,000 after purchasing an additional 506 shares in the last quarter. Vanguard Group Inc. lifted its stake in Surmodics by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 694,114 shares of the company’s stock worth $16,693,000 after purchasing an additional 30,518 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Surmodics by 4.9% in the 1st quarter. Geode Capital Management LLC now owns 164,452 shares of the company’s stock worth $3,954,000 after purchasing an additional 7,607 shares in the last quarter. 84.83% of the stock is currently owned by hedge funds and other institutional investors.

Surmodics Company Profile

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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