Surmodics, Inc. (NASDAQ:SRDX) Short Interest Down 25.3% in September

Surmodics, Inc. (NASDAQ:SRDX) was the target of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 321,000 shares, a decrease of 25.3% from the August 31st total of 429,600 shares. Based on an average trading volume of 404,700 shares, the short-interest ratio is presently 0.8 days. Approximately 2.4% of the shares of the company are sold short.

Institutional Investors Weigh In On Surmodics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Water Island Capital LLC purchased a new stake in Surmodics in the 2nd quarter worth approximately $1,160,000. Algert Global LLC purchased a new stake in Surmodics in the 2nd quarter worth approximately $577,000. Susquehanna Fundamental Investments LLC purchased a new stake in Surmodics in the 2nd quarter worth approximately $273,000. Mackenzie Financial Corp purchased a new stake in Surmodics in the 2nd quarter worth approximately $267,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Surmodics in the 2nd quarter worth approximately $229,000. Hedge funds and other institutional investors own 96.63% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on SRDX. StockNews.com began coverage on shares of Surmodics in a research note on Saturday. They set a “hold” rating on the stock. Needham & Company LLC restated a “hold” rating on shares of Surmodics in a research note on Monday, August 5th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Surmodics currently has an average rating of “Hold” and an average price target of $50.00.

Surmodics Price Performance

NASDAQ SRDX opened at $38.49 on Friday. Surmodics has a 52 week low of $25.17 and a 52 week high of $42.44. The firm has a market capitalization of $548.87 million, a P/E ratio of 40.52 and a beta of 1.20. The company has a quick ratio of 3.22, a current ratio of 3.98 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $40.03 and a 200-day moving average price of $36.54.

Surmodics (NASDAQ:SRDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.04. Surmodics had a negative net margin of 1.16% and a positive return on equity of 3.88%. The firm had revenue of $30.34 million during the quarter, compared to analyst estimates of $30.32 million. Equities research analysts anticipate that Surmodics will post -0.47 earnings per share for the current year.

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).