SurModics (SRDX) Upgraded to “Hold” by Zacks Investment Research
SurModics (NASDAQ:SRDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Surmodics ended first-quarter fiscal 2018 on a favorable note, courtesy of solid performance in the In Vitro Diagnostics segment. The segment has been gaining grounds on the back of strong growth and stabilization across BioFX, microarray and antigen product sales. Surmodics issued a solid guidance for fiscal 2018. The company's solid initiatives to strengthen research and development programs hold promise. The company witnessed significantly high operating losses, specifically in Ireland. Product sales declined substantially owing to shipment issues, particularly in the Medical Device segment. Further, foreign-exchange woes related to the Creagh Medical buyout have been a major dampener. Surmodics’ drug-coated balloons face stiff competition in niche space. The company’s margins are expected to be under pressure, thanks to expenses in the Irish facility infrastructure and lower Medical-Device product gross margins.”
Separately, BidaskClub upgraded shares of SurModics from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $40.00.
SurModics (NASDAQ:SRDX) last posted its earnings results on Thursday, February 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.15. SurModics had a net margin of 0.10% and a return on equity of 5.04%. The company had revenue of $17.01 million during the quarter, compared to analysts’ expectations of $17.69 million. equities analysts expect that SurModics will post -0.08 earnings per share for the current fiscal year.
In related news, VP Joseph J. Stich sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $30.18, for a total value of $30,180.00. Following the completion of the sale, the vice president now owns 46,450 shares of the company’s stock, valued at $1,401,861. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.70% of the company’s stock.
Several institutional investors have recently modified their holdings of SRDX. Teachers Advisors LLC increased its holdings in shares of SurModics by 2.7% in the second quarter. Teachers Advisors LLC now owns 27,013 shares of the company’s stock valued at $760,000 after purchasing an additional 708 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in shares of SurModics by 10.7% in the second quarter. TIAA CREF Investment Management LLC now owns 58,929 shares of the company’s stock valued at $1,659,000 after purchasing an additional 5,678 shares in the last quarter. Nationwide Fund Advisors increased its holdings in shares of SurModics by 15.8% in the second quarter. Nationwide Fund Advisors now owns 8,427 shares of the company’s stock valued at $237,000 after purchasing an additional 1,149 shares in the last quarter. Thrivent Financial For Lutherans acquired a new stake in shares of SurModics in the second quarter valued at approximately $226,000. Finally, Northern Trust Corp increased its holdings in shares of SurModics by 4.6% in the second quarter. Northern Trust Corp now owns 186,125 shares of the company’s stock valued at $5,239,000 after purchasing an additional 8,231 shares in the last quarter. 84.89% of the stock is owned by institutional investors and hedge funds.
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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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