Heights Capital Management Inc. Takes $524,000 Position in Surrozen, Inc. $SRZN

Key Points

• Heights Capital Management Inc. acquired a new stake in Surrozen, Inc. for approximately $524,000, owning about 1.37% of the company as of their latest SEC filing.
• Surrozen has experienced substantial interest from other large investors, with notable purchases from Adage Capital and Vivo Capital, indicating growing institutional confidence in the biotechnology firm.
• The stock trades with a current price of $11.40, significantly above its 1-year low of $5.90, with sell-side analysts giving it an average rating of "Buy" and a target price of $38.50.

Heights Capital Management Inc. purchased a new stake in Surrozen, Inc. (NASDAQ:SRZN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 44,978 shares of the company's stock, valued at approximately $524,000. Heights Capital Management Inc. owned approximately 1.37% of Surrozen as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Adage Capital Partners GP L.L.C. purchased a new position in Surrozen during the 4th quarter valued at about $928,000. Vivo Capital LLC purchased a new position in Surrozen during the 1st quarter valued at about $3,032,000. Stonepine Capital Management LLC increased its holdings in Surrozen by 108.3% during the 1st quarter. Stonepine Capital Management LLC now owns 285,782 shares of the company's stock valued at $3,332,000 after acquiring an additional 148,582 shares in the last quarter. Stempoint Capital LP increased its holdings in Surrozen by 91.7% during the 4th quarter. Stempoint Capital LP now owns 350,573 shares of the company's stock valued at $5,031,000 after acquiring an additional 167,655 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Surrozen by 26.1% during the 4th quarter. Geode Capital Management LLC now owns 22,391 shares of the company's stock valued at $321,000 after acquiring an additional 4,630 shares in the last quarter. Hedge funds and other institutional investors own 66.57% of the company's stock.

Surrozen Stock Performance

Surrozen stock opened at $11.40 on Thursday. Surrozen, Inc. has a 1 year low of $5.90 and a 1 year high of $18.17. The firm has a 50 day moving average price of $9.56 and a 200 day moving average price of $9.84. The company has a market cap of $97.70 million, a price-to-earnings ratio of -0.79 and a beta of 0.60.

Surrozen (NASDAQ:SRZN - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($1.14) earnings per share for the quarter, beating analysts' consensus estimates of ($1.23) by $0.09. Surrozen had a negative net margin of 274.42% and a negative return on equity of 545.43%. The firm had revenue of $0.98 million for the quarter. Sell-side analysts predict that Surrozen, Inc. will post -8.49 EPS for the current year.

Analysts Set New Price Targets

Separately, HC Wainwright restated a "buy" rating and set a $32.00 target price on shares of Surrozen in a report on Monday, May 12th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $38.50.

About Surrozen

Surrozen, Inc, a clinical stage biotechnology company, discovers and develops drug candidates to selectively modulate the Wnt pathway for tissue repair. The company is developing antibody-based therapeutics which targets various disease areas, including diseases of the intestine, liver, retina, cornea, lung, kidney, cochlea, skin, pancreas, and central nervous system.

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