SurModics (NASDAQ:SRDX) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Wednesday, BidAskClub reports.

Other research analysts have also recently issued research reports about the stock. ValuEngine cut shares of SurModics from a “strong-buy” rating to a “buy” rating in a report on Monday, March 25th. Needham & Company LLC reiterated a “buy” rating and issued a $74.00 price target (up previously from $69.00) on shares of SurModics in a report on Thursday, February 21st. Barrington Research set a $64.00 price target on shares of SurModics and gave the company a “buy” rating in a report on Thursday, May 2nd. Lake Street Capital set a $75.00 price target on shares of SurModics and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Zacks Investment Research lowered shares of SurModics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. SurModics currently has an average rating of “Buy” and a consensus price target of $68.00.

SurModics stock opened at $39.12 on Wednesday. The company has a market capitalization of $527.65 million, a PE ratio of 79.84, a P/E/G ratio of 13.02 and a beta of 1.24. SurModics has a twelve month low of $38.06 and a twelve month high of $82.35.

SurModics (NASDAQ:SRDX) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.09. The company had revenue of $22.68 million during the quarter, compared to analysts’ expectations of $21.01 million. SurModics had a negative net margin of 2.07% and a positive return on equity of 6.35%. Sell-side analysts expect that SurModics will post 0.3 EPS for the current fiscal year.

In other news, VP Joseph J. Stich sold 1,900 shares of the business’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $45.00, for a total value of $85,500.00. Following the sale, the vice president now owns 52,637 shares of the company’s stock, valued at $2,368,665. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $42.68, for a total transaction of $213,400.00. Following the completion of the sale, the chief executive officer now directly owns 157,205 shares in the company, valued at approximately $6,709,509.40. The disclosure for this sale can be found here. In the last three months, insiders sold 14,569 shares of company stock worth $665,363. 7.70% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in SRDX. Bank of New York Mellon Corp lifted its position in shares of SurModics by 5.7% in the third quarter. Bank of New York Mellon Corp now owns 164,535 shares of the company’s stock worth $12,284,000 after purchasing an additional 8,912 shares in the last quarter. JPMorgan Chase & Co. raised its position in SurModics by 6.8% during the third quarter. JPMorgan Chase & Co. now owns 23,342 shares of the company’s stock worth $1,743,000 after acquiring an additional 1,489 shares in the last quarter. Legal & General Group Plc raised its position in SurModics by 7.6% during the third quarter. Legal & General Group Plc now owns 28,332 shares of the company’s stock worth $2,108,000 after acquiring an additional 1,993 shares in the last quarter. Vanguard Group Inc. raised its position in SurModics by 7.1% during the third quarter. Vanguard Group Inc. now owns 808,645 shares of the company’s stock worth $60,366,000 after acquiring an additional 53,835 shares in the last quarter. Finally, Federated Investors Inc. PA raised its position in SurModics by 61.7% during the third quarter. Federated Investors Inc. PA now owns 115,997 shares of the company’s stock worth $8,659,000 after acquiring an additional 44,275 shares in the last quarter. 86.58% of the stock is currently owned by institutional investors and hedge funds.

About SurModics

Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and internationally. The company operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment designs, develops, and manufactures interventional medical devices primarily for the peripheral vascular market; and offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.

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