Surrozen, Inc. (NASDAQ:SRZN) Shares Shorted: Short Interest Up 51.9% in September

Surrozen, Inc. (NASDAQ:SRZN) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totaling 2,195,505 shares, an increase of 51.9% from the August 31st total of 1,445,491 shares. Based on an average daily trading volume, of 173,121 shares, the days-to-cover ratio is presently 12.7 days. Currently, 27.7% of the shares of the company are short sold.

Surrozen Stock Up 0.6%

Surrozen stock opened at $32.18 on Thursday. The firm has a 50 day moving average price of $22.43 and a 200-day moving average price of $24.99. Surrozen has a twelve month low of $11.39 and a twelve month high of $37.83. The company has a market capitalization of $373.61 million, a P/E ratio of -0.79 and a beta of 0.56.

Surrozen (NASDAQ:SRZN) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.88. The company had revenue of $5.00 million during the quarter, compared to the consensus estimate of $0.47 million. Equities analysts expect that Surrozen will post -1.01 EPS for the current fiscal year.

Insider Activity at Surrozen

In other news, major shareholder Tcg Crossover Gp Ii, Llc sold 325,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $21.25, for a total value of $6,906,250.00. Following the transaction, the insider owned 574,047 shares in the company, valued at $12,198,498.75. The trade was a 36.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 31.74% of the stock is currently owned by corporate insiders.

Institutional Trading of Surrozen

Several hedge funds have recently made changes to their positions in SRZN. ADAR1 Capital Management LLC bought a new position in shares of Surrozen during the 1st quarter worth $350,000. Bank of New York Mellon Corp bought a new stake in Surrozen in the 2nd quarter valued at about $399,000. 683 Capital Management LLC purchased a new stake in Surrozen during the fourth quarter valued at about $949,000. Renaissance Technologies LLC lifted its holdings in Surrozen by 117.1% during the first quarter. Renaissance Technologies LLC now owns 49,126 shares of the company’s stock valued at $1,431,000 after purchasing an additional 26,500 shares during the last quarter. Finally, Eversept Partners LP boosted its position in Surrozen by 23.8% during the fourth quarter. Eversept Partners LP now owns 95,286 shares of the company’s stock worth $2,153,000 after purchasing an additional 18,289 shares during the period. 66.57% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on SRZN. William Blair started coverage on Surrozen in a research report on Thursday, August 20th. They set an “outperform” rating and a $51.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $54.00 price objective (up from $44.00) on shares of Surrozen in a research note on Friday, September 25th. Zacks Research raised Surrozen from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Surrozen in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.33.

Surrozen Company Profile

Surrozen, Inc is a clinical-stage biotechnology company developing regenerative medicines designed to activate the Wnt signaling pathway. Wnt signaling plays an important role in tissue development, repair and regeneration, and Surrozen’s approach is intended to stimulate the pathway selectively in specific tissues while limiting unwanted effects elsewhere in the body.

The company’s product candidates are based on engineered antibody therapeutics and its proprietary SWEETS platform. Surrozen has focused its research on potential treatments for diseases affecting the liver, gastrointestinal system and eyes, where impaired tissue repair or abnormal signaling may contribute to disease progression.