Spruce Street Capital LP Invests $9.76 Million in Surrozen, Inc. $SRZN

Spruce Street Capital LP bought a new position in shares of Surrozen, Inc. (NASDAQ:SRZN) in the fourth quarter, Holdings Channel reports. The firm bought 432,040 shares of the company’s stock, valued at approximately $9,764,000. Surrozen accounts for 3.2% of Spruce Street Capital LP’s investment portfolio, making the stock its 11th largest position. Spruce Street Capital LP owned approximately 0.05% of Surrozen at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Marshall Wace LLP purchased a new stake in shares of Surrozen during the 4th quarter worth about $247,000. Walleye Capital LLC purchased a new position in Surrozen in the 4th quarter worth approximately $928,000. Kalehua Capital Management LLC purchased a new position in Surrozen in the 4th quarter worth approximately $8,705,000. State Street Corp boosted its holdings in Surrozen by 82.5% in the 4th quarter. State Street Corp now owns 24,326 shares of the company’s stock worth $550,000 after acquiring an additional 11,000 shares during the period. Finally, Ieq Capital LLC purchased a new position in Surrozen in the 4th quarter worth approximately $304,000. Hedge funds and other institutional investors own 66.57% of the company’s stock.

Insiders Place Their Bets

In other Surrozen news, major shareholder Tcg Crossover Gp Ii, Llc bought 106,658 shares of the business’s stock in a transaction on Tuesday, March 24th. The shares were bought at an average cost of $24.69 per share, with a total value of $2,633,386.02. Following the transaction, the insider directly owned 736,554 shares in the company, valued at approximately $18,185,518.26. This trade represents a 16.93% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Charles O. Williams sold 2,036 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $33.33, for a total value of $67,859.88. Following the completion of the transaction, the chief operating officer directly owned 16,571 shares in the company, valued at approximately $552,311.43. The trade was a 10.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 8,144 shares of company stock valued at $271,440. Company insiders own 31.74% of the company’s stock.

Analyst Upgrades and Downgrades

SRZN has been the subject of a number of analyst reports. TD Cowen initiated coverage on Surrozen in a report on Tuesday, April 21st. They issued a “buy” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Surrozen in a report on Tuesday, April 21st. Wall Street Zen upgraded Surrozen from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price target on shares of Surrozen in a report on Tuesday, March 24th. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price target (up from $36.00) on shares of Surrozen in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Surrozen has an average rating of “Moderate Buy” and an average price target of $42.00.

Surrozen Stock Down 1.1%

Shares of SRZN opened at $23.14 on Tuesday. The business’s 50 day moving average is $27.82 and its two-hundred day moving average is $24.76. Surrozen, Inc. has a 52-week low of $8.00 and a 52-week high of $35.00. The firm has a market cap of $268.66 million, a price-to-earnings ratio of -0.62 and a beta of 0.51.

Surrozen (NASDAQ:SRZN) last announced its earnings results on Wednesday, May 6th. The company reported ($11.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.09) by ($10.56). Surrozen had a negative net margin of 4,810.50% and a negative return on equity of 4,055.04%. The business had revenue of $5.00 million during the quarter, compared to analyst estimates of $4.00 million. On average, equities analysts expect that Surrozen, Inc. will post -7.2 earnings per share for the current fiscal year.

Surrozen Profile

Surrozen, Inc is a clinical-stage biopharmaceutical company focused on developing novel therapeutic antibodies that target the Wnt signaling pathway for applications in tissue repair, regeneration and oncology. Founded in 2012 and headquartered in South San Francisco, California, the company leverages its proprietary SurroBody platform to design bispecific antibody molecules capable of modulating Wnt receptor activity with enhanced tissue specificity.

The SurroBody platform enables the generation of high-affinity, dual-binding antibodies engineered to either activate or inhibit Wnt signaling, a pathway critical to cell proliferation, differentiation and homeostasis.