Barrington analyst Michael Petusky maintained a Buy rating on SurModics (NASDAQ: SRDX) today and set a price target of $43. The company’s shares opened today at $39.55, close to its 52-week high of $40.45.
Petusky said:
“We are now modeling adjusted FY/18 adjusted EPS of $(0.02) and revenue of $78.4 million. DCB: Patient enrollment for the company’s TRANSCEND pivotal clinical trial continues and about half of U.S.-based clinical sites have now been activated. As a reminder, the trial to treat peripheral artery disease in the upper leg will be randomized and is expected to include 446 patients at up to 60 clinical sites in the U.S. and 18 sites in Europe. It will feature a head-to-head comparison with a competitor’s already commercialized drug-coated balloon product 510(k) products: Surmodics has now received FDA approvals for its first three 510(k) products (two balloon catheters and a microcatheter). Management remains hopeful that it will enter into partnership for all three products over the next two to four quarters Recommendation: We are maintaining our OUTPERFORM investment rating on SRDX shares. Our new price target is $43, up from our previous $38.”
According to TipRanks.com, Petusky is a 4-star analyst with an average return of 12.2% and a 59.5% success rate. Petusky covers the Healthcare sector, focusing on stocks such as Anika Therapeutics Inc, Varian Medical Systems, and Merit Medical Systems.
Currently, the analyst consensus on SurModics is Moderate Buy and the average price target is $44.50, representing a 12.5% upside.
In a report released yesterday, Needham also reiterated a Buy rating on the stock with a $46 price target.
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Based on SurModics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $19.06 million and quarterly net profit of $1.53 million. In comparison, last year the company earned revenue of $17.5 million and had a net profit of $506K.
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SurModics, Inc. engages in the provision of medical device and in vitro diagnostic technologies to the healthcare industry. It operates through the Medical Device and In Vitro Diagnostics segments.
