Surrozen (NASDAQ:SRZN) Issues Quarterly Earnings Results, Beats Estimates By $0.88 EPS

Surrozen (NASDAQ:SRZN) announced its earnings results on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.29) by $0.88, FiscalAI reports. The company had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $0.47 million.

Surrozen Price Performance

Shares of SRZN traded down $0.31 during mid-day trading on Thursday, hitting $21.64. The stock had a trading volume of 211,715 shares, compared to its average volume of 264,293. Surrozen has a 52 week low of $9.03 and a 52 week high of $35.00. The business has a fifty day moving average price of $22.87 and a 200-day moving average price of $25.37. The firm has a market cap of $251.24 million, a P/E ratio of -0.58 and a beta of 0.52.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SRZN. Zacks Research raised shares of Surrozen from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Surrozen in a report on Friday, July 17th. TD Cowen started coverage on shares of Surrozen in a report on Tuesday, April 21st. They set a “buy” rating on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective (up from $36.00) on shares of Surrozen in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Surrozen currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Insiders Place Their Bets

In related news, major shareholder Tcg Crossover Gp Ii, Llc sold 325,000 shares of Surrozen stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $21.25, for a total value of $6,906,250.00. Following the completion of the sale, the insider owned 574,047 shares of the company’s stock, valued at approximately $12,198,498.75. This trade represents a 36.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 31.74% of the company’s stock.

Hedge Funds Weigh In On Surrozen

Several large investors have recently modified their holdings of the business. Persistent Asset Partners Ltd purchased a new stake in shares of Surrozen in the fourth quarter worth $99,000. Marshall Wace LLP purchased a new position in Surrozen during the fourth quarter worth about $247,000. Ieq Capital LLC purchased a new position in Surrozen during the fourth quarter worth about $304,000. OMERS ADMINISTRATION Corp bought a new position in Surrozen in the 4th quarter worth about $310,000. Finally, Citadel Advisors LLC increased its stake in Surrozen by 32.8% in the 3rd quarter. Citadel Advisors LLC now owns 13,875 shares of the company’s stock worth $179,000 after acquiring an additional 3,424 shares during the last quarter. Hedge funds and other institutional investors own 66.57% of the company’s stock.

Surrozen Company Profile

Surrozen, Inc is a clinical-stage biopharmaceutical company focused on developing novel therapeutic antibodies that target the Wnt signaling pathway for applications in tissue repair, regeneration and oncology. Founded in 2012 and headquartered in South San Francisco, California, the company leverages its proprietary SurroBody platform to design bispecific antibody molecules capable of modulating Wnt receptor activity with enhanced tissue specificity.

The SurroBody platform enables the generation of high-affinity, dual-binding antibodies engineered to either activate or inhibit Wnt signaling, a pathway critical to cell proliferation, differentiation and homeostasis.