Surmodics, Inc. (NASDAQ:SRDX) Sees Large Drop in Short Interest

Surmodics, Inc. (NASDAQ:SRDX) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 321,000 shares, a drop of 25.3% from the August 31st total of 429,600 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 404,700 shares, the short-interest ratio is currently 0.8 days.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Surmodics in a research note on Monday, August 5th. Barrington Research reissued a “market perform” rating on shares of Surmodics in a research report on Thursday, May 30th. Finally, StockNews.com initiated coverage on Surmodics in a research note on Friday, September 20th. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SRDX. Gabelli Funds LLC raised its stake in Surmodics by 393.7% in the 2nd quarter. Gabelli Funds LLC now owns 260,200 shares of the company’s stock valued at $10,939,000 after acquiring an additional 207,500 shares during the period. Gardner Lewis Asset Management L P bought a new stake in shares of Surmodics in the second quarter valued at approximately $8,531,000. Nisa Investment Advisors LLC raised its position in shares of Surmodics by 4,722.3% in the second quarter. Nisa Investment Advisors LLC now owns 68,429 shares of the company’s stock valued at $2,877,000 after purchasing an additional 67,010 shares during the period. Versor Investments LP purchased a new stake in shares of Surmodics during the 2nd quarter valued at approximately $2,723,000. Finally, Sagefield Capital LP bought a new position in Surmodics in the 2nd quarter worth approximately $2,350,000. Institutional investors own 96.63% of the company’s stock.

Surmodics Stock Performance

Shares of Surmodics stock traded up $0.02 on Friday, reaching $38.49. 62,279 shares of the company traded hands, compared to its average volume of 232,385. The company has a 50 day moving average of $40.10 and a 200 day moving average of $36.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.98 and a quick ratio of 3.22. Surmodics has a 52 week low of $25.17 and a 52 week high of $42.44. The firm has a market capitalization of $549.25 million, a PE ratio of 40.50 and a beta of 1.20.

Surmodics (NASDAQ:SRDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.04. Surmodics had a positive return on equity of 3.88% and a negative net margin of 1.16%. The business had revenue of $30.34 million during the quarter, compared to analyst estimates of $30.32 million. Equities analysts forecast that Surmodics will post -0.47 earnings per share for the current year.

About Surmodics

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).