CorMedix (NASDAQ:CRMD) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of CorMedix (NASDAQ:CRMD) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning.

Several other equities analysts have also issued reports on CRMD. Royal Bank Of Canada raised CorMedix from an “outperform” rating to a “moderate buy” rating and lifted their price target for the stock from $13.00 to $17.00 in a research report on Friday, June 20th. D Boral Capital cut shares of CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, June 30th. D. Boral Capital downgraded shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Monday, June 30th. HC Wainwright reduced their price target on shares of CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Finally, Needham & Company LLC boosted their price objective on shares of CorMedix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

CorMedix Stock Up 2.6%

Shares of CRMD opened at $11.34 on Friday. The stock has a market cap of $885.20 million, a P/E ratio of 15.12 and a beta of 1.85. The business’s 50 day moving average price is $12.35 and its 200-day moving average price is $11.33. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43.

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

Insider Buying and Selling

In related news, COO Elizabeth Hurlburt sold 41,121 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total value of $537,862.68. Following the completion of the sale, the chief operating officer directly owned 176,990 shares of the company’s stock, valued at approximately $2,315,029.20. This represents a 18.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph Todisco sold 50,000 shares of CorMedix stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.00, for a total transaction of $650,000.00. Following the transaction, the chief executive officer directly owned 509,496 shares in the company, valued at $6,623,448. This represents a 8.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 163,997 shares of company stock valued at $2,163,617. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new position in shares of CorMedix in the second quarter valued at about $42,000. SBI Securities Co. Ltd. lifted its holdings in CorMedix by 699.7% in 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 position in CorMedix in the 2nd quarter worth approximately $55,000. Essex Financial Services Inc. bought a new position in CorMedix in the 1st quarter worth approximately $63,000. Finally, EntryPoint Capital LLC purchased a new stake in CorMedix during the 1st quarter valued at approximately $66,000. 34.18% of the stock is owned by institutional investors.

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.