Needham analyst Michael Matson reiterated a Buy rating on SurModics (NASDAQ: SRDX) today and set a price target of $55. The company’s shares closed yesterday at $46.75, close to its 52-week high of $47.30.
Matson observed:
“SRDX is acquiring a thrombectomy technology and associated intellectual property (IP) from with additional future payments contingent on certain regulatory milestones. The Thrombomatrix system is designed to collect thrombi and emboli (blood clots) from a patient’s vasculature and has potential applications in peripheral, pulmonary, and neurovascular procedures. SRDX expects to record a $0.49 per share charge for in-process R&D and transaction- related expenses in F3Q18. We believe this deal further strengthens SRDX’s whole- product solutions pipeline and we reiterate our Buy rating and raise our price target to $55 from $46 to reflect the potential value of Thrombomatrix.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 9.4% and a 61.8% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Currently, the analyst consensus on SurModics is Moderate Buy and the average price target is $44.50, representing a -4.8% downside.
In a report issued on May 3, Barrington also maintained a Buy rating on the stock with a $43 price target.
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The company has a one-year high of $47.30 and a one-year low of $22.55. Currently, SurModics has an average volume of 46.48K.
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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.
