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Barrington Reaffirms Their Buy Rating on SurModics (SRDX)

In a report released today, Michael Petusky from Barrington maintained a Buy rating on SurModics (SRDXResearch Report), with a price target of $70.00. The company’s shares closed yesterday at $32.05.

Petusky covers the Healthcare sector, focusing on stocks such as Landec, US Physical Therapy, and Haemonetics. According to TipRanks, Petusky has an average return of 7.1% and a 49.85% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for SurModics with a $58.00 average price target, which is an 80.97% upside from current levels. In a report released yesterday, Needham also reiterated a Buy rating on the stock with a $46.00 price target.

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Based on SurModics’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $24.85 million and a GAAP net loss of $5.65 million. In comparison, last year the company earned a revenue of $23.87 million and had a GAAP net loss of $3.29 million

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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. The Medical Device segment designs, develops, and manufactures interventional medical devices, surface modification coating technologies, as well as drug-delivery coating technologies. The In Vitro Diagnostics segment consists of component products and technologies for diagnostic test kits and biomedical research applications. The company was founded in June 1979 and is headquartered in Eden Prairie, MN.

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