Surface Oncology (NASDAQ:SURF) Trading Down 8.6%

Shares of Surface Oncology, Inc. (NASDAQ:SURF) were down 8.6% during mid-day trading on Monday . The stock traded as low as $8.50 and last traded at $8.75. Approximately 682,874 shares were traded during trading, a decline of 37% from the average daily volume of 1,077,412 shares. The stock had previously closed at $9.57.

Several equities research analysts have recently issued reports on SURF shares. Wedbush started coverage on shares of Surface Oncology in a research note on Thursday, August 27th. They set an “outperform” rating and a $12.00 price target for the company. HC Wainwright began coverage on shares of Surface Oncology in a research note on Friday, September 4th. They issued a “buy” rating and a $11.00 price objective for the company. Zacks Investment Research upgraded shares of Surface Oncology from a “sell” rating to a “hold” rating and set a $6.50 price objective for the company in a research note on Thursday, August 13th. BidaskClub upgraded shares of Surface Oncology from a “sell” rating to a “hold” rating in a research note on Thursday, September 10th. Finally, ValuEngine lowered shares of Surface Oncology from a “buy” rating to a “hold” rating in a research report on Thursday, July 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $9.63.

The stock’s 50 day moving average price is $7.52 and its 200-day moving average price is $5.44. The company has a quick ratio of 11.12, a current ratio of 11.12 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $362.75 million, a PE ratio of -10.33 and a beta of 2.40.

Surface Oncology (NASDAQ:SURF) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.02. Surface Oncology had a negative net margin of 70.90% and a negative return on equity of 32.89%. On average, analysts forecast that Surface Oncology, Inc. will post -0.72 earnings per share for the current year.

In other Surface Oncology news, insider Robert W. Ross sold 4,000 shares of the stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $10.05, for a total transaction of $40,200.00. Following the completion of the transaction, the insider now owns 101,000 shares in the company, valued at $1,015,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 35.00% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in SURF. Stifel Financial Corp bought a new position in Surface Oncology during the second quarter valued at $102,000. Assenagon Asset Management S.A. bought a new stake in shares of Surface Oncology in the 2nd quarter worth about $110,000. Cornerstone Investment Partners LLC bought a new stake in shares of Surface Oncology in the 2nd quarter worth about $138,000. Quantitative Systematic Strategies LLC bought a new stake in Surface Oncology during the 2nd quarter valued at about $143,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Surface Oncology by 132.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 26,448 shares of the company’s stock valued at $173,000 after buying an additional 15,091 shares in the last quarter. Institutional investors and hedge funds own 55.59% of the company’s stock.

About Surface Oncology (NASDAQ:SURF)

Surface Oncology, Inc, a clinical-stage immuno-oncology company, engages in the development of cancer therapies. The company develops human immunoglobulin isotype G4 monoclonal antibodies, including SRF231 inhibiting CD47; NZV930 inhibiting CD73; SRF617 inhibiting CD39; SRF388 targeting interleukin 27; and SRF813 targeting CD112R.

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