Surrozen, Inc. (NASDAQ:SRZN) Short Interest Down 37.3% in June

Surrozen, Inc. (NASDAQ:SRZN) was the target of a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 346,034 shares, a decline of 37.3% from the May 31st total of 551,841 shares. Approximately 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 97,035 shares, the days-to-cover ratio is presently 3.6 days.

Surrozen Stock Performance

Shares of NASDAQ:SRZN opened at $24.92 on Friday. Surrozen has a one year low of $8.00 and a one year high of $35.00. The stock has a market capitalization of $289.32 million, a price-to-earnings ratio of -0.66 and a beta of 0.51. The company has a 50-day simple moving average of $26.39 and a 200-day simple moving average of $25.23.

Surrozen (NASDAQ:SRZN) last released its quarterly 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). The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $4.00 million. As a group, research analysts forecast that Surrozen will post -7.2 EPS for the current fiscal year.

Insider Transactions at Surrozen

In other Surrozen news, CEO Craig C. Parker sold 4,524 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $33.33, for a total transaction of $150,784.92. Following the transaction, the chief executive officer owned 16,553 shares of the company’s stock, valued at approximately $551,711.49. This trade represents a 21.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Charles O. Williams sold 2,036 shares of Surrozen stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $33.33, for a total value of $67,859.88. Following the sale, the chief operating officer owned 16,571 shares in the company, valued at $552,311.43. This trade represents a 10.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 8,144 shares of company stock worth $271,440. 31.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SRZN. Millennium Management LLC increased its holdings in shares of Surrozen by 557.1% in the fourth quarter. Millennium Management LLC now owns 721,266 shares of the company’s stock valued at $16,301,000 after purchasing an additional 611,497 shares during the period. Spruce Street Capital LP acquired a new stake in shares of Surrozen during the fourth quarter worth $9,764,000. Kalehua Capital Management LLC acquired a new stake in shares of Surrozen during the fourth quarter worth $8,705,000. Braidwell LP grew its position in Surrozen by 235.7% in the 4th quarter. Braidwell LP now owns 470,000 shares of the company’s stock valued at $10,622,000 after buying an additional 330,000 shares during the last quarter. Finally, Perceptive Advisors LLC purchased a new position in Surrozen in the 1st quarter valued at $6,682,000. 66.57% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wall Street Zen raised Surrozen from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $40.00 price target on shares of Surrozen in a research report on Tuesday, March 24th. Zacks Research cut Surrozen from a “hold” rating to a “strong sell” rating in a research note on Monday, June 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Surrozen in a report on Tuesday, April 21st. Finally, HC Wainwright restated a “buy” rating and set a $44.00 target price (up from $36.00) on shares of Surrozen in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Surrozen presently has an average rating of “Moderate Buy” and an average price target of $42.00.

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.