Needham & Company LLC Trims Surmodics (NASDAQ:SRDX) Target Price to $43.00

Surmodics (NASDAQ:SRDX) had its price objective lowered by Needham & Company LLC from $47.00 to $43.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, StockNews.com downgraded Surmodics from a strong-buy rating to a buy rating in a report on Wednesday, April 24th.

Surmodics Price Performance

SRDX stock opened at $33.33 on Wednesday. The company has a market capitalization of $474.62 million, a P/E ratio of 87.71 and a beta of 1.04. Surmodics has a twelve month low of $16.79 and a twelve month high of $39.41. The business has a 50 day simple moving average of $28.54 and a 200-day simple moving average of $31.62. The company has a current ratio of 4.84, a quick ratio of 3.97 and a debt-to-equity ratio of 0.24.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SRDX. Acadian Asset Management LLC raised its position in Surmodics by 18.8% in the third quarter. Acadian Asset Management LLC now owns 354,738 shares of the company’s stock worth $11,377,000 after acquiring an additional 56,012 shares in the last quarter. Panagora Asset Management Inc. raised its position in Surmodics by 109.8% in the fourth quarter. Panagora Asset Management Inc. now owns 44,664 shares of the company’s stock worth $1,624,000 after acquiring an additional 23,379 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Surmodics by 149.2% in the third quarter. Los Angeles Capital Management LLC now owns 34,916 shares of the company’s stock worth $1,120,000 after acquiring an additional 20,906 shares in the last quarter. Vanguard Group Inc. raised its position in Surmodics by 2.4% in the third quarter. Vanguard Group Inc. now owns 846,164 shares of the company’s stock worth $27,153,000 after acquiring an additional 19,635 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Surmodics in the fourth quarter worth $504,000. Hedge funds and other institutional investors own 96.63% of the company’s stock.

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).