CorMedix (NASDAQ:CRMD) Upgraded at D. Boral Capital

D. Boral Capital upgraded shares of CorMedix (NASDAQ:CRMD) from a hold rating to a buy rating in a research report released on Monday, Marketbeat Ratings reports. D. Boral Capital currently has $14.00 price target on the stock.

Other equities research analysts have also recently issued research reports about the stock. Zacks Research cut shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Needham & Company LLC increased their target price on shares of CorMedix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 24th. D Boral Capital cut shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 30th. JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of CorMedix in a research report on Tuesday, September 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.83.

CorMedix Stock Down 3.9%

Shares of CorMedix stock opened at $11.20 on Monday. The stock has a market capitalization of $874.27 million, a P/E ratio of 14.93 and a beta of 1.85. The company has a 50-day simple moving average of $12.21 and a 200 day simple moving average of $11.61. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.08. The business had revenue of $39.74 million during the quarter, compared to analysts’ expectations of $29.88 million. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The firm’s revenue for the quarter was up 4830.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.25) EPS. On average, equities analysts anticipate that CorMedix will post -0.32 earnings per share for the current year.

Insider Activity at CorMedix

In other news, Director Alan W. Dunton sold 10,000 shares of CorMedix stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.13, for a total transaction of $131,300.00. Following the completion of the sale, the director owned 40,250 shares in the company, valued at $528,482.50. The trade was a 19.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph Todisco sold 50,000 shares of CorMedix stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.00, for a total transaction of $650,000.00. Following the sale, the chief executive officer owned 509,496 shares of the company’s stock, valued at approximately $6,623,448. This represents a 8.94% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,997 shares of company stock worth $2,163,617. 5.30% of the stock is owned by insiders.

Institutional Investors Weigh In On CorMedix

Several institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in shares of CorMedix by 97.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 27,599 shares of the company’s stock worth $305,000 after buying an additional 13,632 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in shares of CorMedix by 151.6% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 55,100 shares of the company’s stock worth $641,000 after buying an additional 33,200 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of CorMedix during the 3rd quarter worth approximately $2,606,000. China Universal Asset Management Co. Ltd. grew its position in shares of CorMedix by 11.9% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company’s stock worth $168,000 after buying an additional 1,451 shares during the period. Finally, Squarepoint Ops LLC grew its position in shares of CorMedix by 337.9% during the 2nd quarter. Squarepoint Ops LLC now owns 290,832 shares of the company’s stock worth $3,583,000 after buying an additional 224,412 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.