CorMedix (NASDAQ:CRMD) Stock Rating Upgraded by D Boral Capital

CorMedix (NASDAQ:CRMD) was upgraded by stock analysts at D Boral Capital from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

CRMD has been the subject of a number of other research reports. Wall Street Zen lowered CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Zacks Research lowered CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, October 8th. Needham & Company LLC boosted their target price on CorMedix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 24th. Finally, JMP Securities reissued a “market outperform” rating and issued a $22.00 target price on shares of CorMedix in a research note on Tuesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, CorMedix presently has a consensus rating of “Buy” and an average price target of $18.83.

CorMedix Stock Down 4.2%

Shares of CRMD stock opened at $11.65 on Monday. The business has a 50-day moving average price of $12.23 and a two-hundred day moving average price of $11.61. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43. The firm has a market cap of $909.40 million, a P/E ratio of 15.53 and a beta of 1.85.

CorMedix (NASDAQ:CRMD) last issued 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 42.73% and a net margin of 42.11%.The firm had revenue of $39.74 million during the quarter, compared to analyst estimates of $29.88 million. During the same quarter in the previous year, the company posted ($0.25) earnings per share. The company’s revenue was up 4830.1% compared to the same quarter last year. As a group, research analysts expect that CorMedix will post -0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other CorMedix news, Director Alan W. Dunton sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.13, for a total transaction of $131,300.00. Following the completion of the transaction, the director owned 40,250 shares of the company’s stock, valued at $528,482.50. This represents a 19.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Elizabeth Hurlburt sold 41,121 shares of the company’s 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 transaction, the chief operating officer directly owned 176,990 shares of the company’s stock, valued at $2,315,029.20. The trade was a 18.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 163,997 shares of company stock worth $2,163,617. 5.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRMD. Essex Financial Services Inc. purchased a new position in shares of CorMedix during the 1st quarter worth approximately $63,000. Teacher Retirement System of Texas purchased a new position in shares of CorMedix during the 1st quarter worth approximately $98,000. Bank of New York Mellon Corp grew its holdings in shares of CorMedix by 10.4% during the 1st quarter. Bank of New York Mellon Corp now owns 143,238 shares of the company’s stock worth $882,000 after acquiring an additional 13,543 shares during the period. American Financial Advisors LLC grew its holdings in shares of CorMedix by 16.9% during the 1st quarter. American Financial Advisors LLC now owns 34,527 shares of the company’s stock worth $213,000 after acquiring an additional 5,000 shares during the period. Finally, Arizona State Retirement System purchased a new position in shares of CorMedix during the 1st quarter worth approximately $107,000. 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.