Surmodics (NASDAQ:SRDX) Trading Up 8.7% on Better-Than-Expected Earnings

Key Points

• Surmodics, Inc. shares rose 8.7% after the company reported better-than-expected earnings of $0.06 per share, surpassing analysts' estimates of a loss of $0.21.
• The company had revenue of $29.57 million for the quarter, exceeding the consensus estimate of $28.04 million.
• Institutional ownership is significant, with hedge funds and other investors holding 96.63% of Surmodics' stock, indicating strong institutional interest.

Surmodics, Inc. (NASDAQ:SRDX - Get Free Report)'s stock price traded up 8.7% on Monday following a better than expected earnings announcement. The company traded as high as $38.33 and last traded at $38.48. 194,800 shares were traded during trading, an increase of 10% from the average session 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 the consensus estimate of ($0.21) by $0.27. Surmodics had a negative net margin of 14.59% and a negative return on equity of 3.04%. The firm had revenue of $29.57 million for the quarter, compared to the consensus estimate of $28.04 million.

Analyst Ratings Changes

A number of research firms have recently issued reports on SRDX. Needham & Company LLC reiterated a "hold" rating on shares of Surmodics in a report on Wednesday, April 30th. Barrington Research reiterated a "market perform" rating on shares of Surmodics in a report on Monday.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SRDX. Strs Ohio bought a new stake in shares of Surmodics in the 1st quarter worth $122,000. Legal & General Group Plc increased its holdings in shares of Surmodics by 34.2% in the 4th quarter. Legal & General Group Plc now owns 3,452 shares of the company's stock worth $137,000 after purchasing an additional 880 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Surmodics in the 4th quarter worth $217,000. AlphaQuest LLC bought a new stake in shares of Surmodics in the 1st quarter worth $232,000. Finally, DeepCurrents Investment Group LLC bought a new stake in shares of Surmodics in the 4th quarter worth $260,000. Hedge funds and other institutional investors own 96.63% of the company's stock.

Surmodics Stock Up 8.2%

The company has a market cap of $547.78 million, a P/E ratio of -31.04 and a beta of 1.31. The company has a quick ratio of 3.10, a current ratio of 3.91 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average of $31.27 and a 200 day moving average of $30.78.

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).

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