Wall Street Zen Downgrades CorMedix (NASDAQ:CRMD) to Buy

CorMedix (NASDAQ:CRMD) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other research analysts have also recently issued research reports about the company. D Boral Capital cut CorMedix from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 30th. Needham & Company LLC boosted their price objective on CorMedix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 24th. HC Wainwright cut their price objective on CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday. Royal Bank Of Canada raised CorMedix from an “outperform” rating to a “moderate buy” rating and boosted their price objective for the stock from $13.00 to $17.00 in a research report on Friday, June 20th. Finally, D. Boral Capital cut CorMedix from a “buy” rating to a “hold” rating in a research report on Monday, June 30th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, CorMedix presently has an average rating of “Moderate Buy” and a consensus target price of $16.71.

CorMedix Trading Down 4.4%

Shares of CorMedix stock opened at $10.33 on Friday. The stock has a fifty day simple moving average of $12.52 and a 200 day simple moving average of $10.81. CorMedix has a 12-month low of $3.61 and a 12-month high of $17.43. The company has a market capitalization of $700.58 million, a P/E ratio of 13.77 and a beta of 1.71.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.08. CorMedix had a return on equity of 59.43% and a net margin of 42.11%. The business had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same quarter in the prior year, the company posted ($0.25) earnings per share. CorMedix’s revenue was up 4830.1% compared to the same quarter last year. On average, analysts predict that CorMedix will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. lifted its holdings in CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company’s stock worth $54,000 after purchasing an additional 7,599 shares in the last quarter. USA Financial Formulas purchased a new stake in CorMedix during the 2nd quarter worth about $55,000. Essex Financial Services Inc. purchased a new stake in CorMedix during the 1st quarter worth about $63,000. EntryPoint Capital LLC purchased a new stake in CorMedix during the 1st quarter worth about $66,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in CorMedix during the 1st quarter worth about $72,000. Hedge funds and other institutional investors 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.