StockNews.com Initiates Coverage on Surmodics (NASDAQ:SRDX)

Analysts at StockNews.com assumed coverage on shares of Surmodics (NASDAQ:SRDX) in a note issued to investors on Saturday. The brokerage set a “hold” rating on the stock.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Surmodics in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.00.

Surmodics Trading Up 0.4 %

Shares of NASDAQ:SRDX opened at $39.33 on Friday. The company has a 50 day moving average of $38.49 and a 200-day moving average of $39.48. The company has a current ratio of 3.96, a quick ratio of 3.22 and a debt-to-equity ratio of 0.25. The firm has a market cap of $563.44 million, a P/E ratio of -48.56 and a beta of 1.20. Surmodics has a twelve month low of $25.17 and a twelve month high of $42.44.

Surmodics (NASDAQ:SRDX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.14. The firm had revenue of $33.23 million for the quarter, compared to analysts’ expectations of $30.69 million. Surmodics had a negative net margin of 9.15% and a negative return on equity of 3.79%. As a group, analysts anticipate that Surmodics will post 0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Surmodics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gabelli Funds LLC lifted its holdings in shares of Surmodics by 393.7% during the 2nd quarter. Gabelli Funds LLC now owns 260,200 shares of the company’s stock valued at $10,939,000 after buying an additional 207,500 shares during the last quarter. Gardner Lewis Asset Management L P acquired a new stake in shares of Surmodics in the second quarter worth about $8,531,000. Phocas Financial Corp. bought a new stake in shares of Surmodics during the 3rd quarter worth about $3,430,000. Nisa Investment Advisors LLC increased its holdings in shares of Surmodics by 4,722.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 68,429 shares of the company’s stock valued at $2,877,000 after acquiring an additional 67,010 shares during the last quarter. Finally, Versor Investments LP bought a new stake in Surmodics during the second quarter worth approximately $2,723,000. Hedge funds and other institutional investors own 96.63% of the company’s stock.

About Surmodics

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).