Surmodics, Inc. (NASDAQ:SRDX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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 firms have also recently weighed in on SRDX. BidaskClub cut shares of Surmodics from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. ValuEngine cut 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 given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $40.00.
Surmodics (NASDAQ:SRDX) last released its earnings results on Wednesday, November 8th. The company reported $0.18 earnings per share 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 net margin of 5.37% and a return on equity of 6.18%. analysts expect that Surmodics will post -0.28 EPS for the current fiscal year.
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In related news, VP Joseph J. Stich sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $27.28, for a total transaction of $27,280.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.40% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Allianz Asset Management GmbH lifted its stake in shares of Surmodics by 2.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 107,190 shares of the company’s stock valued at $3,323,000 after buying an additional 2,248 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Surmodics by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 634,698 shares of the company’s stock valued at $19,676,000 after buying an additional 3,921 shares in the last quarter. Trigran Investments Inc. lifted its stake in shares of Surmodics by 2.0% during the 3rd quarter. Trigran Investments Inc. now owns 1,283,578 shares of the company’s stock valued at $39,791,000 after buying an additional 24,965 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Surmodics by 16.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 62,827 shares of the company’s stock valued at $1,948,000 after buying an additional 9,077 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Surmodics by 24.2% during the 3rd quarter. Wells Fargo & Company MN now owns 23,401 shares of the company’s stock valued at $726,000 after buying an additional 4,564 shares in the last quarter. Institutional investors own 84.83% of the company’s stock.
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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