Brevan Howard Capital Management LP Cuts Stake in Surmodics, Inc. (NASDAQ:SRDX)

Brevan Howard Capital Management LP reduced its holdings in shares of Surmodics, Inc. (NASDAQ:SRDX - Free Report) by 68.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,522 shares of the company's stock after selling 12,027 shares during the quarter. Brevan Howard Capital Management LP's holdings in Surmodics were worth $219,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Bardin Hill Management Partners LP purchased a new stake in shares of Surmodics in the 4th quarter worth approximately $7,440,000. Balyasny Asset Management L.P. purchased a new stake in shares of Surmodics in the fourth quarter valued at approximately $4,921,000. Boussard & Gavaudan Investment Management LLP acquired a new position in shares of Surmodics during the fourth quarter worth $3,899,000. Cigogne Management SA acquired a new position in shares of Surmodics during the fourth quarter worth $3,109,000. Finally, AQR Arbitrage LLC grew its position in Surmodics by 56.4% during the 4th quarter. AQR Arbitrage LLC now owns 205,956 shares of the company's stock worth $8,156,000 after purchasing an additional 74,275 shares during the period. 96.63% of the stock is currently owned by institutional investors.

Surmodics Stock Up 2.0%

SRDX stock traded up $0.55 during midday trading on Friday, reaching $28.58. The company had a trading volume of 113,981 shares, compared to its average volume of 278,305. The company has a current ratio of 5.45, a quick ratio of 4.29 and a debt-to-equity ratio of 0.26. Surmodics, Inc. has a 1 year low of $26.00 and a 1 year high of $42.44. The company has a 50 day moving average of $28.75 and a two-hundred day moving average of $34.13. The company has a market capitalization of $408.67 million, a P/E ratio of -28.30 and a beta of 1.32.

Surmodics (NASDAQ:SRDX - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The business had revenue of $28.09 million for the quarter, compared to analyst estimates of $32.23 million. Surmodics had a negative net margin of 11.48% and a negative return on equity of 4.39%. On average, equities research analysts expect that Surmodics, Inc. will post 0.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

SRDX has been the topic of a number of research reports. Lake Street Capital raised shares of Surmodics from a "hold" rating to a "buy" rating and set a $43.00 target price on the stock in a research note on Friday, March 7th. StockNews.com started coverage on shares of Surmodics in a research note on Monday, February 3rd. They set a "hold" rating for the company. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Surmodics in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $43.00.

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).