Short Interest in Surmodics, Inc. (NASDAQ:SRDX) Increases By 32.4%

Surmodics, Inc. (NASDAQ:SRDX) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 801,600 shares, an increase of 32.4% from the June 15th total of 605,500 shares. Based on an average daily volume of 299,900 shares, the short-interest ratio is presently 2.7 days. Currently, 5.9% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms have issued reports on SRDX. StockNews.com began coverage on Surmodics in a research report on Wednesday. They set a “hold” rating on the stock. Needham & Company LLC restated a “hold” rating on shares of Surmodics in a research report on Wednesday, May 29th. Lake Street Capital restated a “hold” rating and set a $43.00 target price on shares of Surmodics in a research report on Wednesday, May 29th. Barrington Research restated a “market perform” rating on shares of Surmodics in a research report on Thursday, May 30th. Finally, Sidoti restated a “neutral” rating and set a $43.00 target price on shares of Surmodics in a research report on Wednesday, May 29th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Surmodics has an average rating of “Hold” and an average target price of $50.00.

Institutional Investors Weigh In On Surmodics

A number of large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its position in Surmodics by 7.5% during the first quarter. BNP Paribas Financial Markets now owns 6,878 shares of the company’s stock valued at $202,000 after purchasing an additional 481 shares in the last quarter. Hillsdale Investment Management Inc. raised its position in Surmodics by 15.7% during the fourth quarter. Hillsdale Investment Management Inc. now owns 4,570 shares of the company’s stock valued at $166,000 after purchasing an additional 620 shares in the last quarter. SG Americas Securities LLC raised its position in Surmodics by 14.7% during the first quarter. SG Americas Securities LLC now owns 5,138 shares of the company’s stock valued at $151,000 after purchasing an additional 660 shares in the last quarter. Lazard Asset Management LLC raised its position in Surmodics by 13.4% during the first quarter. Lazard Asset Management LLC now owns 5,679 shares of the company’s stock valued at $166,000 after purchasing an additional 673 shares in the last quarter. Finally, Moody National Bank Trust Division grew its stake in shares of Surmodics by 14.8% during the fourth quarter. Moody National Bank Trust Division now owns 10,341 shares of the company’s stock valued at $376,000 after buying an additional 1,331 shares during the last quarter. Hedge funds and other institutional investors own 96.63% of the company’s stock.

Surmodics Price Performance

Shares of SRDX stock remained flat at $42.17 on Friday. The company had a trading volume of 175,431 shares, compared to its average volume of 420,941. The company has a debt-to-equity ratio of 0.24, a current ratio of 4.39 and a quick ratio of 3.59. Surmodics has a one year low of $25.17 and a one year high of $42.44. The firm has a market cap of $601.34 million, a P/E ratio of 44.39 and a beta of 1.18. The company has a 50-day simple moving average of $39.15 and a 200 day simple moving average of $33.79.

Surmodics (NASDAQ:SRDX) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.43. Surmodics had a return on equity of 13.30% and a net margin of 9.44%. The company had revenue of $31.96 million for the quarter, compared to the consensus estimate of $28.79 million. During the same quarter last year, the business posted ($0.40) earnings per share. Research analysts expect that Surmodics will post -0.51 EPS 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).