Surrozen Sees Unusually Large Options Volume (NASDAQ:SRZN)

Key Points

• Unusual options activity: Traders purchased 4,277 Surrozen call options, approximately 233% above the average volume of 1,283 contracts.
• Analyst sentiment is moderately bullish: Surrozen has an average “Moderate Buy” rating and a consensus price target of $48.33, despite ratings ranging from “Strong Buy” to “Sell.”
• Shares declined while quarterly results exceeded expectations: The stock fell $5 to $24.69, while Surrozen reported a quarterly loss of $0.41 per share versus the $1.29 expected loss and revenue of $5 million versus estimates of $0.47 million.

Surrozen, Inc. (NASDAQ:SRZN - Get Free Report) was the recipient of some unusual options trading activity on Monday. Stock traders acquired 4,277 call options on the stock. This represents an increase of approximately 233% compared to the average volume of 1,283 call options.

Analyst Ratings Changes

Several equities research analysts recently commented on SRZN shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Surrozen in a research note on Friday, July 17th. William Blair initiated coverage on shares of Surrozen in a report on Thursday, August 20th. They set an "outperform" rating and a $51.00 price target on the stock. Zacks Research upgraded shares of Surrozen from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $54.00 price objective (up from $44.00) on shares of Surrozen in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.33.

Surrozen Stock Performance

Shares of NASDAQ SRZN traded down $5.00 during mid-day trading on Monday, reaching $24.69. 759,382 shares of the company traded hands, compared to its average volume of 244,543. The company's fifty day moving average is $23.54 and its two-hundred day moving average is $25.12. Surrozen has a fifty-two week low of $11.39 and a fifty-two week high of $37.83. The stock has a market cap of $286.64 million, a PE ratio of -0.61 and a beta of 0.47.

Surrozen (NASDAQ:SRZN - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.88. The company had revenue of $5.00 million during the quarter, compared to analyst estimates of $0.47 million. Research analysts forecast that Surrozen will post -1.01 earnings per share for the current year.

Insider Activity at Surrozen

In related news, major shareholder Tcg Crossover Gp Ii, Llc sold 325,000 shares of the stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $21.25, for a total transaction of $6,906,250.00. Following the completion of the sale, the insider directly owned 574,047 shares in the company, valued at approximately $12,198,498.75. This trade represents a 36.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 31.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Spruce Street Capital LP bought a new stake in Surrozen during the fourth quarter valued at about $9,764,000. 5AM Venture Management LLC grew its position in shares of Surrozen by 25.0% in the fourth quarter. 5AM Venture Management LLC now owns 387,500 shares of the company's stock valued at $8,758,000 after purchasing an additional 77,500 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Surrozen in the first quarter valued at about $6,682,000. Eversept Partners LP increased its stake in shares of Surrozen by 23.8% in the fourth quarter. Eversept Partners LP now owns 95,286 shares of the company's stock worth $2,153,000 after purchasing an additional 18,289 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Surrozen by 117.1% during the 1st quarter. Renaissance Technologies LLC now owns 49,126 shares of the company's stock worth $1,431,000 after purchasing an additional 26,500 shares during the last quarter. Institutional investors own 66.57% of the company's stock.

About Surrozen

Surrozen, Inc is a clinical-stage biotechnology company focused on developing medicines that selectively activate the Wnt signaling pathway, which plays an important role in tissue repair, regeneration and maintenance. The company uses proprietary antibody-based technologies designed to stimulate Wnt signaling in specific tissues while limiting potential effects elsewhere in the body.

Surrozen's pipeline has included SZN-1326, an investigational Wnt pathway activator being developed for inflammatory bowel diseases such as ulcerative colitis, and SZN-413, an investigational therapy targeting the FZD4 Wnt signaling pathway for retinal vascular diseases.

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