Surface Oncology Inc (NASDAQ:SURF) Short Interest Down 47.2% in July

Surface Oncology Inc (NASDAQ:SURF) was the recipient of a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 428,700 shares, a drop of 47.2% from the June 30th total of 811,700 shares. Based on an average daily trading volume, of 2,220,000 shares, the short-interest ratio is currently 0.2 days. Currently, 3.3% of the company’s stock are short sold.

Surface Oncology stock opened at $5.21 on Friday. Surface Oncology has a 1-year low of $1.15 and a 1-year high of $7.66. The business has a fifty day moving average price of $5.41 and a 200-day moving average price of $3.60. The company has a debt-to-equity ratio of 0.43, a current ratio of 6.97 and a quick ratio of 6.97.

Surface Oncology (NASDAQ:SURF) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.31. Surface Oncology had a negative net margin of 70.90% and a negative return on equity of 38.44%. The business had revenue of $38.59 million for the quarter, compared to analyst estimates of $38.59 million. Research analysts anticipate that Surface Oncology will post -0.96 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in SURF. Assenagon Asset Management S.A. acquired a new stake in shares of Surface Oncology in the second quarter valued at $110,000. Cornerstone Investment Partners LLC acquired a new position in Surface Oncology in the 2nd quarter valued at about $138,000. Acadian Asset Management LLC grew its position in Surface Oncology by 25.1% in the 1st quarter. Acadian Asset Management LLC now owns 133,643 shares of the company’s stock valued at $251,000 after acquiring an additional 26,802 shares in the last quarter. Renaissance Technologies LLC increased its stake in Surface Oncology by 284.3% during the fourth quarter. Renaissance Technologies LLC now owns 189,100 shares of the company’s stock worth $356,000 after purchasing an additional 139,900 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Surface Oncology by 38.8% during the first quarter. Victory Capital Management Inc. now owns 673,574 shares of the company’s stock worth $1,260,000 after purchasing an additional 188,424 shares in the last quarter. 48.24% of the stock is owned by institutional investors and hedge funds.

Several brokerages have issued reports on SURF. Cowen reiterated an “average” rating on shares of Surface Oncology in a report on Thursday, June 11th. Zacks Investment Research downgraded shares of Surface Oncology from a “hold” rating to a “sell” rating in a research note on Wednesday. ValuEngine downgraded Surface Oncology from a “buy” rating to a “hold” rating in a report on Thursday, July 2nd. Finally, Evercore ISI reiterated a “market perform” rating and issued a $9.00 target price on shares of Surface Oncology in a report on Monday, June 8th.

About Surface Oncology

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; and SRF388 targeting interleukin 27.

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