Surmodics, Inc. (NASDAQ:SRDX - Get Free Report) was up 8.7% on Monday following a better than expected earnings announcement. The stock traded as high as $38.33 and last traded at $38.48. Approximately 194,800 shares were traded during trading, an increase of 10% from the average daily volume of 176,503 shares. The stock had previously closed at $35.41.
The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.27. The firm had revenue of $29.57 million during the quarter, compared to analysts' expectations of $28.04 million. Surmodics had a negative return on equity of 2.99% and a negative net margin of 14.59%.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Needham & Company LLC reissued a "hold" rating on shares of Surmodics in a research report on Wednesday, April 30th. Barrington Research reiterated a "market perform" rating on shares of Surmodics in a report on Monday.
Read Our Latest Analysis on SRDX
Hedge Funds Weigh In On Surmodics
Institutional investors and hedge funds have recently modified their holdings of the company. Deutsche Bank AG grew its stake in shares of Surmodics by 77.8% during the fourth quarter. Deutsche Bank AG now owns 42,683 shares of the company's stock worth $1,690,000 after purchasing an additional 18,671 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Surmodics by 40.9% during the fourth quarter. Wells Fargo & Company MN now owns 7,032 shares of the company's stock worth $278,000 after purchasing an additional 2,041 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Surmodics by 20.1% during the fourth quarter. JPMorgan Chase & Co. now owns 50,990 shares of the company's stock worth $2,019,000 after purchasing an additional 8,520 shares in the last quarter. Bardin Hill Management Partners LP acquired a new position in shares of Surmodics during the fourth quarter worth $7,440,000. Finally, Alpine Global Management LLC acquired a new position in shares of Surmodics during the fourth quarter worth $1,980,000. Institutional investors and hedge funds own 96.63% of the company's stock.
Surmodics Trading Down 0.5%
The company has a debt-to-equity ratio of 0.27, a current ratio of 3.91 and a quick ratio of 3.10. The business's 50 day moving average is $32.08 and its 200 day moving average is $30.89. The stock has a market cap of $535.68 million, a price-to-earnings ratio of -30.46 and a beta of 1.31.
About Surmodics
(
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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).
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