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Fly News Breaks for November 1, 2019
SRDX
Nov 1, 2019 | 08:39 EDT
Lake Street analyst Brooks O'Neil downgraded Surmodics to Hold from Buy with a price target of $50, down from $75, after the company reported Q4 results and gave FY20 guidance that was well below his expectation due to European regulators "unexpectedly" having delayed the SurVeil CE mark approval. In addition to the CE mark approval review being unexpectedly halted for the SurVeil paclitaxel-coated DCB, a generation 4 patent expiration in Surmodics' hydrophilic coating business will cause a headwind to product sales, noted O'Neil.
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