Surmodics (NASDAQ:SRDX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Surmodics, Inc. (NASDAQ:SRDX) saw unusually-strong trading volume on Tuesday . Approximately 517,751 shares changed hands during mid-day trading, an increase of 121% from the previous session’s volume of 234,153 shares.The stock last traded at $42.3450 and had previously closed at $42.83.

Wall Street Analyst Weigh In

SRDX has been the topic of several analyst reports. Zacks Research raised Surmodics to a “hold” rating in a research note on Tuesday, August 12th. Barrington Research reaffirmed an “underperform” rating on shares of Surmodics in a research report on Friday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Surmodics in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $43.00.

Surmodics Stock Down 1.2%

The stock’s fifty day simple moving average is $30.47 and its 200-day simple moving average is $31.18. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.10 and a current ratio of 3.91. The stock has a market cap of $605.21 million, a P/E ratio of -34.40 and a beta of 1.30.

Hedge Funds Weigh In On Surmodics

Several hedge funds and other institutional investors have recently made changes to their positions in SRDX. Y Intercept Hong Kong Ltd acquired a new stake in Surmodics in the second quarter valued at about $1,277,000. Nuveen LLC acquired a new stake in shares of Surmodics in the 1st quarter valued at approximately $1,262,000. Tabor Asset Management LP bought a new stake in shares of Surmodics during the 1st quarter valued at approximately $2,476,000. AlphaQuest LLC acquired a new position in Surmodics during the 1st quarter worth approximately $232,000. Finally, Hsbc Holdings PLC lifted its stake in Surmodics by 4.8% in the 1st quarter. Hsbc Holdings PLC now owns 267,042 shares of the company’s stock valued at $8,252,000 after purchasing an additional 12,344 shares during the last quarter. 96.63% of the stock is currently owned by institutional investors and hedge funds.

Surmodics Company Profile

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).