CorMedix (NYSEAMERICAN:CRMD) Lowered to “Sell” at Zacks Investment Research

CorMedix (NYSEAMERICAN:CRMDGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company is focused on developing its lead product Defencath (TM), a novel, antibacterial and antifungal solution designed to prevent costly and life-threatening bloodstream infections associated with the use of central venous catheters in patients undergoing chronic hemodialysis. Defencath has been designated by FDA as Fast Track and as a Qualified Infectious Disease Product, which provides an additional five years of marketing exclusivity, which will be added to the five years granted to a New Chemical Entity upon approval of the NDA. CorMedix also intends to develop Defencath as a catheter lock solution for use in oncology and total parenteral nutrition patients. It is leveraging its taurolidine technology to develop a pipeline of antimicrobial medical devices, with programs in surgical sutures and meshes, and topical hydrog “

Separately, JMP Securities restated a “buy” rating and set a $19.00 target price on shares of CorMedix in a report on Wednesday, March 30th.

Shares of CRMD stock traded down $0.10 during trading on Tuesday, reaching $4.62. The company’s stock had a trading volume of 226,968 shares, compared to its average volume of 252,332. The firm has a market cap of $178.92 million, a PE ratio of -6.33 and a beta of 2.28. CorMedix has a one year low of $3.65 and a one year high of $8.94.

CorMedix (NYSEAMERICAN:CRMDGet Rating) last announced its quarterly earnings data on Tuesday, March 29th. The biotechnology company reported ($0.20) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.03. CorMedix had a negative net margin of 13,952.10% and a negative return on equity of 39.16%. As a group, equities analysts predict that CorMedix will post -0.76 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley increased its holdings in shares of CorMedix by 7.2% in the second quarter. Morgan Stanley now owns 303,625 shares of the biotechnology company’s stock valued at $2,082,000 after purchasing an additional 20,374 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of CorMedix in the third quarter valued at $127,000. Raymond James & Associates increased its holdings in shares of CorMedix by 52.4% in the third quarter. Raymond James & Associates now owns 32,411 shares of the biotechnology company’s stock valued at $151,000 after purchasing an additional 11,137 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of CorMedix in the third quarter valued at $79,000. Finally, BlackRock Inc. increased its holdings in shares of CorMedix by 0.5% in the third quarter. BlackRock Inc. now owns 2,506,394 shares of the biotechnology company’s stock valued at $11,655,000 after purchasing an additional 13,380 shares during the last quarter. Institutional investors and hedge funds own 30.91% of the company’s stock.

About CorMedix (Get Rating)

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 and internationally. Its lead product candidate is DefenCath/Neutrolin, a novel anti-infective solution for the reduction and prevention of catheter-related infections and thrombosis in patients requiring central venous catheters in clinical settings, such as hemodialysis, total parenteral nutrition, and oncology.

Featured Stories

Get a free copy of the Zacks research report on CorMedix (CRMD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for CorMedix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CorMedix and related companies with MarketBeat.com's FREE daily email newsletter.