Surrozen (NASDAQ:SRZN) Cut to “Strong Sell” at Zacks Research

Surrozen (NASDAQ:SRZN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research firms have also recently issued reports on SRZN. TD Cowen assumed coverage on Surrozen in a research note on Tuesday, April 21st. They issued a “buy” rating for the company. Wall Street Zen raised shares of Surrozen from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price target on shares of Surrozen in a research report on Tuesday, March 24th. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective (up from $36.00) on shares of Surrozen in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Surrozen in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Surrozen Stock Up 0.9%

Shares of NASDAQ:SRZN opened at $25.95 on Monday. The company’s 50-day moving average price is $26.81 and its 200 day moving average price is $25.22. Surrozen has a fifty-two week low of $8.00 and a fifty-two week high of $35.00. The company has a market cap of $301.28 million, a PE ratio of -0.69 and a beta of 0.51.

Surrozen (NASDAQ:SRZN) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($11.65) earnings per share 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 for the quarter, compared to the consensus estimate of $4.00 million. As a group, equities analysts anticipate that Surrozen will post -7.2 EPS for the current year.

Insider Activity

In other news, VP Yang Li sold 1,584 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $33.33, for a total value of $52,794.72. Following the completion of the sale, the vice president owned 17,216 shares of the company’s stock, valued at $573,809.28. This trade represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Craig C. Parker sold 4,524 shares of Surrozen stock in a transaction on Monday, May 4th. The shares were sold at an average price of $33.33, for a total value of $150,784.92. Following the transaction, the chief executive officer owned 16,553 shares in the company, valued at $551,711.49. This represents a 21.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 8,144 shares of company stock worth $271,440 over the last quarter. Corporate insiders own 31.74% of the company’s stock.

Hedge Funds Weigh In On Surrozen

A number of large investors have recently made changes to their positions in the business. Millennium Management LLC boosted its holdings in shares of Surrozen by 557.1% during the fourth quarter. Millennium Management LLC now owns 721,266 shares of the company’s stock worth $16,301,000 after purchasing an additional 611,497 shares during the period. Braidwell LP lifted its position in Surrozen by 235.7% in the 4th quarter. Braidwell LP now owns 470,000 shares of the company’s stock worth $10,622,000 after buying an additional 330,000 shares in the last quarter. Spruce Street Capital LP purchased a new stake in Surrozen in the 4th quarter worth approximately $9,764,000. 5AM Venture Management LLC boosted its stake in shares of Surrozen by 25.0% during the 4th quarter. 5AM Venture Management LLC now owns 387,500 shares of the company’s stock valued at $8,758,000 after buying an additional 77,500 shares during the period. Finally, Kalehua Capital Management LLC acquired a new stake in shares of Surrozen during the 4th quarter valued at $8,705,000. Institutional investors and hedge funds own 66.57% of the company’s stock.

About Surrozen

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.