Surmodics (NASDAQ:SRDX) Trading Down 5.5% – Here’s What Happened

Shares of Surmodics, Inc. (NASDAQ:SRDX) traded down 5.5% during trading on Tuesday . The company traded as low as $35.70 and last traded at $35.89. 221,419 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 337,882 shares. The stock had previously closed at $37.99.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Surmodics in a research note on Thursday, November 7th. StockNews.com started coverage on shares of Surmodics in a research report on Sunday. They set a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.00.

Surmodics Stock Down 5.8 %

The company has a market capitalization of $511.44 million, a P/E ratio of -44.18 and a beta of 1.21. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.22 and a current ratio of 3.96. The firm’s fifty day moving average is $39.02 and its 200-day moving average is $39.30.

Surmodics (NASDAQ:SRDX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.14. Surmodics had a negative net margin of 9.15% and a negative return on equity of 3.79%. The company had revenue of $33.23 million during the quarter, compared to the consensus estimate of $30.69 million. As a group, equities research analysts predict that Surmodics, Inc. will post 0.19 EPS for the current year.

Insider Buying and Selling

In related news, CFO Timothy J. Arens sold 7,009 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $39.44, for a total transaction of $276,434.96. Following the completion of the transaction, the chief financial officer now directly owns 70,350 shares of the company’s stock, valued at $2,774,604. This trade represents a 9.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Surmodics

Hedge funds have recently bought and sold shares of the company. State Street Corp grew its position in shares of Surmodics by 19.2% during the 3rd quarter. State Street Corp now owns 374,068 shares of the company’s stock worth $14,506,000 after buying an additional 60,240 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in Surmodics in the third quarter worth $6,593,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Surmodics by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 116,311 shares of the company’s stock valued at $4,511,000 after purchasing an additional 1,491 shares during the period. Barclays PLC raised its holdings in shares of Surmodics by 16.0% during the third quarter. Barclays PLC now owns 88,750 shares of the company’s stock valued at $3,443,000 after purchasing an additional 12,271 shares during the period. Finally, Phocas Financial Corp. bought a new position in shares of Surmodics during the 3rd quarter worth about $3,430,000. Institutional investors own 96.63% of the company’s stock.

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).