In a report released today, Michael Matson from Needham reiterated a Buy rating on SurModics (NASDAQ: SRDX), with a price target of $74. The company’s shares opened today at $65.05, close to its 52-week high of $67.67.
Matson commented:
“SRDX beat consensus F3Q18 revenue and EPS. Management raised its FY18 revenue and adjusted EPS guidance. Revenue growth improved to 24.9% in in F2Q18. SRDX’s 2Q18 gross margin was down 210 bps Y/Y and its non-GAAP operating margin was up 100 bps Y/Y. We expect new products (.014” and .018” balloon dilation catheters and Telemark microcatheter) and deferred revenue associated with the ABT agreement milestones to drive accelerating revenue growth and additional upside to consensus estimates and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 12.1% and a 63.3% 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 a Moderate Buy with an average price target of $74.
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SurModics’ market cap is currently $786.2M and has a P/E ratio of 847.86. The company has a Price to Book ratio of 6.94.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2018, Jose Bedoya, a Director at SRDX sold 11,450 shares for a total of $551,547.
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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.
