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Biotech / Medical : SRDX - SurModics - Biotech IPO
SRDX 26.95-1.6%3:59 PM EDT
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From: Lance Bredvold7/6/2023 12:25:09 PM
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Resilience of SRDX stock has surprised me for a few years. This morning the entire market dropped and SRDX was one the the larger decliners in my portfolio. Down to $28.82 and a bounce followed by another frightened dive, but now it's one of the few greens in my view. I've believed that $30 should be easily supportable even with zero earnings given that it has been as high as $70 and a pretty steady $45 or so for years with only the promise of device approvals. Now we actually have the FDA approvals. I really suspect it will be a few years before much of a profit is showing again, but the fact that $45 could be sustained on just a small profit and a promise and, like today, the fact that someone supports the price when it dives and every other company stays in the doldrums while SRDX reverses I find comforting. I expect the $40's again but only after some time being disappointed in how fast earnings grow. It will take ABT some time to get up to speed and I've already been a little surprised that POUNCE and stent sales have not grown a lot. Still at just over $100mm in sales. But this year we'll have that $27mm from ABT (net $24 or 5) to bring us close to breakeven. 2024 I suspect will be breakeven also as R&D grows to support our product catalogue.

I've bought nearly all I want at a max of $30 and now have lower offers for sales of puts and direct purchases in the $28 area--but if I don't get them, I feel full though not quite at 3.3% of my portfolio. I think I'm confident enough to go to 5% at $28 now.
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