Wedbush Weighs in on Surface Oncology, Inc.’s Q1 2023 Earnings (NASDAQ:SURF)

Surface Oncology, Inc. (NASDAQ:SURF – Get Rating) – Stock analysts at Wedbush issued their Q1 2023 EPS estimates for Surface Oncology in a research report issued on Thursday, August 4th. Wedbush analyst R. Driscoll forecasts that the company will post earnings per share of ($0.53) for the quarter. The consensus estimate for Surface Oncology’s current full-year earnings is ($1.19) per share. Wedbush also issued estimates for Surface Oncology’s Q2 2023 earnings at ($0.46) EPS, Q3 2023 earnings at ($0.50) EPS and Q4 2023 earnings at ($0.53) EPS.

Surface Oncology (NASDAQ:SURF – Get Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.61. The business had revenue of $30.00 million during the quarter. Surface Oncology had a negative net margin of 182.63% and a negative return on equity of 47.56%.

Separately, Jonestrading restated a “buy” rating and set a $12.00 target price on shares of Surface Oncology in a report on Sunday, June 5th.

Surface Oncology Trading Down 1.1 %

Shares of NASDAQ:SURF opened at $1.78 on Friday. The stock has a market capitalization of $97.21 million, a price-to-earnings ratio of -1.38 and a beta of 1.60. Surface Oncology has a 1-year low of $1.37 and a 1-year high of $8.38. The company has a debt-to-equity ratio of 0.17, a quick ratio of 9.42 and a current ratio of 9.42. The company has a 50 day moving average price of $1.80 and a 200 day moving average price of $2.48.

Institutional Trading of Surface Oncology

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of Surface Oncology by 26.4% in the 1st quarter. JPMorgan Chase & Co. now owns 22,082 shares of the company’s stock valued at $65,000 after acquiring an additional 4,611 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Surface Oncology by 4.8% in the 1st quarter. SummerHaven Investment Management LLC now owns 134,167 shares of the company’s stock valued at $394,000 after acquiring an additional 6,089 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Surface Oncology by 7.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 94,404 shares of the company’s stock valued at $278,000 after acquiring an additional 6,450 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Surface Oncology by 7.7% in the 1st quarter. Royal Bank of Canada now owns 119,929 shares of the company’s stock valued at $352,000 after acquiring an additional 8,578 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Surface Oncology in the 1st quarter valued at approximately $27,000. 70.81% of the stock is currently owned by institutional investors.

About Surface Oncology

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Surface Oncology, Inc, a clinical-stage immuno-oncology company, engages in the development of cancer therapies in the United States. The company develops various antibodies that include NZV930, a fully human immunoglobulin isotype G4 monoclonal antibody for the production of extracellular adenosine; SRF617, a fully human IgG4 monoclonal antibody that inhibits CD39 enzymatic activity for the production of adenosine and the breakdown of adenosine triphosphate; SRF388 targeting interleukin 27; GSK4381562, an antibody targeting CD112R, an inhibitory protein expressed on natural killer and T cells; and SRF114 targeting the chemokine receptor CCR8.

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