Its whole product solutions pipeline and Sirolimus-based below-the-knee DCB program deserve mention here. R&D Update : Surmodics’ solid efforts to improve R&D are a consistent key driver. Let’s delve deeper into the factors working in favor of the company. In the past three months, the stock has gained 34.4% compared with 3.3% growth of its industry. However, this currently Zacks Rank #2 (Buy) company has a trailing four-quarter earnings miss of 369.2%, on average. The company’s earnings are expected to improve 10% over the next five years. The company, with a market capitalization of $766.6 million, is a leading provider of medical device and In Vitro Diagnostics (IVD) technologies to the healthcare industry. Consistent R&D efforts have also been contributing to growth for a while now. SRDX is gaining on regulatory clearances and acquisitions. In the process, we hope to shed some light on some very complicated but important topics that have a direct bearing not only on our capital markets and their performance, but also on the willingness of the new growth companies to go public and thus help power the sustained growth that our economy so sorely needs.Surmodics, Inc. We urge the public, regulators, elected officials, and executive branch policy makers to give attention to the subjects we outline in this paper. We reach several specific conclusions and offer several principal recommendations for the SEC in this paper. ![]() Likewise, we demonstrate that the charges against algorithmic trading are without foundation. ![]() In setting forth our thesis, we rebut the currently popular critique of so-called “high frequency trading,” or HFT: namely, that it contributed to the flash crash and continues to pose threats to market stability. Absent the ETF-related reforms we outline below in this summary, and in more detail in the text, we believe that other flash crashes or small capitalization company “melt ups,” potentially much more severe than the one on May 6, are a virtual certainty. The proliferation of ETFs also poses unquantifiable but very real systemic risks of the kind that were manifested very briefly during the “Flash Crash” of May 6, 2010. In the process, ETFs that once were an important low-cost way for investors to assemble diversified stock holdings are now undermining the traditional price discovery role of exchanges and, in turn, discouraging new companies from wanting to be listed on U.S. We show here that ETFs are radically changing the markets, to the point where they, and not the trading of the underlying securities, are effectively setting the prices of stocks of smaller capitalization companies, or the potential new growth companies of the future. Initially, these products took the form of mutual funds now they are increasingly represented as “exchange traded funds” or ETFs. ![]() ![]() Many factors have been alleged to have contributed to this trend, among them, the higher regulatory cost of going and remaining public under the Sarbanes–Oxley Act (SOX) of 2002.īut a far more important, and heretofore unrecognized, deterrent to growth company IPOs is the proliferation of new indexed securities - derivatives essentially. IPOs have been down substantially over the past decade. Traditionally, this has best been accomplished by the floating of shares in an initial public offering (IPO). These companies, in turn, often require access to equity capital as they grow. A strong, sustained recovery will require the formation and growth of new scale companies.
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