SurModics (SRDX) is Downgraded by Barrington Research to Mkt Perform

SurModics (SRDX) was Downgraded by Barrington Research to ” Mkt Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Barrington Research advised their investors in a research report released on Nov 21, 2016.

Many Wall Street Analysts have commented on SurModics. SurModics was Downgraded by Barrington Research to ” Mkt Perform” on Nov 21, 2016.

On the company’s financial health, SurModics reported $0.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.17 according to the earnings call on Nov 16, 2016. Analyst had a consensus of $0.09. The company had revenue of $18.20 million for the quarter, compared to analysts expectations of $16.09 million. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS.

SurModics opened for trading at $25.8 and hit $26.3 on the upside on Monday, eventually ending the session at $26.15, with a gain of 1.75% or 0.45 points. The heightened volatility saw the trading volume jump to 59,224 shares. Company has a market cap of $341 M.

In a different news, on Nov 9, 2016, Gary R Maharaj (President & CEO) sold 5,000 shares at $25.22 per share price. According to the SEC, on Sep 8, 2016, Joseph J. Stich (VP, Bus Ops & GM, IVD) sold 1,000 shares at $28.74 per share price. On Aug 18, 2016, Charles W Olson (Senior VP & GM, Med Dev) sold 9,936 shares at $28.90 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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