Zacks Research Downgrades CorMedix (NASDAQ:CRMD) to Hold

CorMedix (NASDAQ:CRMD) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other analysts have also recently commented on CRMD. D Boral Capital upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $22.00 price target (up previously from $21.00) on shares of CorMedix in a research note on Tuesday, October 21st. D. Boral Capital reiterated a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Thursday, January 8th. HC Wainwright raised their price target on CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Finally, Needham & Company LLC reduced their price objective on CorMedix from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $17.86.

CorMedix Stock Up 2.2%

Shares of CorMedix stock traded up $0.15 during trading hours on Monday, reaching $7.21. 896,415 shares of the company were exchanged, compared to its average volume of 5,764,237. The firm has a market cap of $568.23 million, a PE ratio of 3.49 and a beta of 1.36. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. CorMedix has a 1 year low of $5.60 and a 1 year high of $17.43. The stock’s fifty day moving average is $10.79 and its 200 day moving average is $11.48.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.78. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The business had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same quarter last year, the business posted ($0.05) EPS. The business’s quarterly revenue was up 810.2% compared to the same quarter last year. As a group, equities research analysts forecast that CorMedix will post -0.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $12.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This represents a 5.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Myron Kaplan purchased 25,000 shares of CorMedix stock in a transaction dated Thursday, October 23rd. The stock was acquired at an average cost of $11.02 per share, with a total value of $275,500.00. Following the completion of the acquisition, the director directly owned 201,034 shares in the company, valued at approximately $2,215,394.68. This trade represents a 14.20% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 90,000 shares of company stock worth $1,095,200. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Comerica Bank grew its stake in shares of CorMedix by 454.6% during the 3rd quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of CorMedix during the 2nd quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after acquiring an additional 3,813 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of CorMedix in the 3rd quarter worth approximately $54,000. Finally, USA Financial Formulas acquired a new stake in shares of CorMedix in the 2nd quarter worth approximately $55,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.