SurModics (SRDX) Stock Rating Reaffirmed by Lake Street Capital
Lake Street Capital reaffirmed their buy rating on shares of SurModics (NASDAQ:SRDX) in a research report report published on Wednesday, MarketBeat Ratings reports. Lake Street Capital currently has a $38.00 price target on the stock, up from their previous price target of $35.00.
Several other equities research analysts also recently weighed in on the company. Needham & Company LLC began coverage on SurModics in a research report on Tuesday. They set a buy rating and a $42.00 price target on the stock. BidaskClub downgraded SurModics from a hold rating to a sell rating in a research report on Wednesday, February 14th. Finally, Zacks Investment Research raised SurModics from a sell rating to a hold rating and set a $31.00 price target on the stock in a research report on Friday, February 9th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $37.00.
SurModics (SRDX) opened at $32.90 on Wednesday. The stock has a market capitalization of $426.25, a price-to-earnings ratio of 76.90 and a beta of 0.75. SurModics has a 52 week low of $21.90 and a 52 week high of $34.15.
In other SurModics news, VP Joseph J. Stich sold 1,000 shares of the stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $30.18, for a total transaction of $30,180.00. Following the sale, the vice president now directly owns 46,450 shares of the company’s stock, valued at approximately $1,401,861. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.70% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in SurModics during the 3rd quarter worth about $116,000. Macquarie Group Ltd. acquired a new stake in shares of SurModics during the 3rd quarter valued at about $123,000. Municipal Employees Retirement System of Michigan grew its position in shares of SurModics by 59.1% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 4,980 shares of the company’s stock valued at $154,000 after acquiring an additional 1,850 shares during the period. MetLife Investment Advisors LLC acquired a new stake in shares of SurModics during the 4th quarter valued at about $172,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of SurModics by 57.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,702 shares of the company’s stock valued at $208,000 after acquiring an additional 2,432 shares during the period. 84.36% of the stock is currently owned by institutional investors.
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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