Short Interest in Surface Oncology Inc (NASDAQ:SURF) Increases By 14.5%

Surface Oncology Inc (NASDAQ:SURF) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 158,100 shares, an increase of 14.5% from the July 31st total of 138,100 shares. Currently, 1.4% of the shares of the stock are sold short. Based on an average daily volume of 59,400 shares, the short-interest ratio is presently 2.7 days.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers bought a new position in shares of Surface Oncology in the first quarter valued at $54,000. Paradigm Capital Management Inc. NY bought a new position in shares of Surface Oncology in the second quarter valued at $28,000. Acadian Asset Management LLC increased its holdings in shares of Surface Oncology by 8.3% in the second quarter. Acadian Asset Management LLC now owns 100,120 shares of the company’s stock valued at $283,000 after buying an additional 7,640 shares in the last quarter. Spark Investment Management LLC increased its holdings in shares of Surface Oncology by 50.6% in the first quarter. Spark Investment Management LLC now owns 39,000 shares of the company’s stock valued at $186,000 after buying an additional 13,100 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Surface Oncology by 8.3% in the fourth quarter. Bank of America Corp DE now owns 88,773 shares of the company’s stock valued at $376,000 after buying an additional 6,795 shares in the last quarter. 56.49% of the stock is currently owned by institutional investors.

SURF has been the topic of several research reports. Zacks Investment Research cut Surface Oncology from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. ValuEngine raised Surface Oncology from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.

Shares of NASDAQ SURF traded down $0.10 during trading on Friday, hitting $2.07. The company had a trading volume of 8,036 shares, compared to its average volume of 13,840. The company has a market cap of $59.90 million, a P/E ratio of -6.27 and a beta of 2.32. Surface Oncology has a 52 week low of $1.85 and a 52 week high of $12.65. The business’s 50-day moving average is $2.10 and its 200 day moving average is $3.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 8.77 and a current ratio of 8.77.

Surface Oncology (NASDAQ:SURF) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.62) by ($0.02). The company had revenue of $0.14 million during the quarter, compared to the consensus estimate of $2.50 million. Surface Oncology had a negative net margin of 168.44% and a negative return on equity of 44.63%. On average, research analysts expect that Surface Oncology will post -1.9 EPS for the current year.

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.

Further Reading: Limitations of the P/E Growth ratio

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