SurModics (SRDX) is Reiterated by Barrington Research to Outperform, Raises Price Target to $ 30

SurModics (SRDX) was Reiterated by Barrington Research to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 30 from a previous price target of $27 . Barrington Research advised their investors in a research report released on May 3, 2016.

On the company’s financial health, SurModics reported $0.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.09. The company had revenue of $16.70 million for the quarter, compared to analysts expectations of $15.13 million. The company’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS.

SurModics closed down -0.24 points or -1.19% at $19.88 with 51,465 shares getting traded on Monday. Post opening the session at $20.22, the shares hit an intraday low of $19.86 and an intraday high of $20.27 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on Mar 8, 2016, Joseph J. Stich (VP, Bus Ops & GM, IVD) sold 1,000 shares at $18.63 per share price. According to the SEC, on Mar 7, 2016, Timothy J. Arens (VP-Corporate Dev. and Strategy) sold 10,291 shares at $18.42 per share price. On Aug 7, 2015, Charles W Olson (Senior VP & GM, Med Dev) sold 10,000 shares at $26.16 per share price, according to the Form-4 filing with the securities and exchange commission.

SurModics Inc. is a provider of surface modification and in vitro diagnostic technologies to the healthcare industry. The Company operates in two reportable segments: the Medical Device unit which is comprised of surface modification coating technologies to improve access deliverability and predictable deployment of medical devices as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device with end markets that include coronary peripheral and neurovascular and urology among others and the In Vitro Diagnostics unit which consists of component products and technologies for diagnostic immunoassay and molecular tests and biomedical research applications with products that include protein stabilization reagents substrates antigens and surface coatings.


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