SurModics (SRDX) Receives a Buy from Needham

Needham analyst Michael Matson reiterated a Buy rating on SurModics (SRDXResearch Report) today and set a price target of $61.00. The company’s shares closed last Wednesday at $39.51.

According to, Matson is a 5-star analyst with an average return of 7.4% and a 56.8% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Cardiovascular Systems, and Zimmer Biomet Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for SurModics with a $62.00 average price target, which is a 61.2% upside from current levels. In a report issued on September 15, Barrington also maintained a Buy rating on the stock with a $63.00 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 $26.88 million and net profit of $2.46 million. In comparison, last year the company earned revenue of $24.34 million and had a net profit of $1.47 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.