Surrozen (NASDAQ:SRZN) Issues Quarterly Earnings Results, Beats Expectations By $0.88 EPS

Key Points

• Surrozen beat quarterly earnings expectations: The clinical-stage biotech reported an EPS loss of $0.41, $0.88 better than the consensus estimate, while revenue of $5.00 million exceeded expectations of $0.47 million.
• Shares declined despite the earnings beat: SRZN fell $0.31 to $21.64, with a market capitalization of approximately $251 million and a 52-week trading range of $9.03 to $35.00.
• Analyst sentiment remains moderately bullish, but insider selling occurred: Analysts’ consensus rating is “Moderate Buy” with a $42.00 target price, while major shareholder TCG Crossover sold 325,000 shares for about $6.9 million, reducing its stake by 36.15%.

Surrozen (NASDAQ:SRZN - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($1.29) by $0.88, FiscalAI reports. The company had revenue of $5.00 million for the quarter, compared to the consensus estimate of $0.47 million.

Surrozen Price Performance

Shares of SRZN stock traded down $0.31 during trading on Thursday, reaching $21.64. The company had a trading volume of 211,715 shares, compared to its average volume of 264,293. The firm's 50 day simple moving average is $22.87 and its two-hundred day simple moving average is $25.37. Surrozen has a one year low of $9.03 and a one year high of $35.00. The company has a market capitalization of $251.24 million, a PE ratio of -0.58 and a beta of 0.52.

Insider Transactions at Surrozen

In other Surrozen news, major shareholder Tcg Crossover Gp Ii, Llc sold 325,000 shares of the company's stock in a transaction that occurred 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 owned 574,047 shares of the company's stock, valued at $12,198,498.75. This represents a 36.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.74% of the stock is owned by insiders.

Institutional Trading of Surrozen

A number of institutional investors and hedge funds have recently modified their holdings of the company. Citadel Advisors LLC raised its holdings in shares of Surrozen by 32.8% during the third quarter. Citadel Advisors LLC now owns 13,875 shares of the company's stock valued at $179,000 after purchasing an additional 3,424 shares during the period. Persistent Asset Partners Ltd acquired a new position in Surrozen during the 4th quarter worth approximately $99,000. Schonfeld Strategic Advisors LLC increased its holdings in shares of Surrozen by 8.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 74,645 shares of the company's stock valued at $1,687,000 after acquiring an additional 5,621 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Surrozen by 22.6% during the second quarter. Geode Capital Management LLC now owns 30,963 shares of the company's stock worth $277,000 after purchasing an additional 5,702 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of Surrozen by 53.6% in the 4th quarter. Renaissance Technologies LLC now owns 22,626 shares of the company's stock worth $511,000 after purchasing an additional 7,900 shares in the last quarter. 66.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on SRZN shares. HC Wainwright restated a "buy" rating and set a $44.00 price target (up from $36.00) on shares of Surrozen in a research report on Thursday, May 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Surrozen in a report on Friday, July 17th. TD Cowen initiated coverage on Surrozen in a research note on Tuesday, April 21st. They set a "buy" rating for the company. Finally, Zacks Research raised Surrozen from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $42.00.

About Surrozen

Surrozen, Inc is a clinical-stage biopharmaceutical company focused on developing novel therapeutic antibodies that target the Wnt signaling pathway for applications in tissue repair, regeneration and oncology. Founded in 2012 and headquartered in South San Francisco, California, the company leverages its proprietary SurroBody platform to design bispecific antibody molecules capable of modulating Wnt receptor activity with enhanced tissue specificity.

The SurroBody platform enables the generation of high-affinity, dual-binding antibodies engineered to either activate or inhibit Wnt signaling, a pathway critical to cell proliferation, differentiation and homeostasis.

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