SurModics (SRDX) Rating Increased to Hold at BidaskClub
SurModics (NASDAQ:SRDX) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Friday.
Several other analysts have also weighed in on the company. Zacks Investment Research lowered SurModics from a “hold” rating to a “sell” rating in a report on Wednesday, November 15th. Barrington Research upgraded SurModics from a “market perform” rating to an “outperform” rating in a report on Wednesday. Sidoti upgraded SurModics from a “neutral” rating to a “buy” rating in a report on Thursday. Lake Street Capital restated a “buy” rating and issued a $38.00 price objective (up previously from $35.00) on shares of SurModics in a report on Wednesday. Finally, Needham & Company LLC began coverage on SurModics in a report on Tuesday, February 27th. They issued a “buy” rating and a $42.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $37.00.
Shares of SurModics (SRDX) opened at $32.90 on Friday. The firm has a market capitalization of $434.18, a price-to-earnings ratio of 78.33 and a beta of 0.75. SurModics has a twelve month low of $21.90 and a twelve month high of $34.15.
In other news, VP Joseph J. Stich sold 1,000 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $30.18, for a total transaction of $30,180.00. Following the completion of the sale, the vice president now directly 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 available at the SEC website. Corporate insiders own 7.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of SurModics during the third quarter valued at $116,000. Macquarie Group Ltd. purchased a new stake in shares of SurModics during the third quarter valued at $123,000. Municipal Employees Retirement System of Michigan lifted its holdings in shares of SurModics by 59.1% during the third quarter. Municipal Employees Retirement System of Michigan now owns 4,980 shares of the company’s stock valued at $154,000 after purchasing an additional 1,850 shares during the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of SurModics during the fourth quarter valued at $172,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of SurModics by 57.0% during the third quarter. BNP Paribas Arbitrage SA now owns 6,702 shares of the company’s stock valued at $208,000 after purchasing an additional 2,432 shares during the last quarter. 84.36% 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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