CorMedix (NASDAQ:CRMD) Cut to Hold at Zacks Research

Zacks Research downgraded shares of CorMedix (NASDAQ:CRMD) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

A number of other equities analysts have also recently commented on CRMD. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, October 8th. Needham & Company LLC cut their target price on shares of CorMedix from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. D. Boral Capital reissued a “buy” rating and issued a $14.00 price target on shares of CorMedix in a report on Thursday, January 8th. Finally, HC Wainwright raised their price objective on shares of CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $17.86.

CorMedix Price Performance

Shares of NASDAQ CRMD opened at $7.09 on Monday. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average price is $10.70 and its two-hundred day moving average price is $11.45. The company has a market cap of $558.62 million, a PE ratio of 3.44 and a beta of 1.36. CorMedix has a twelve month low of $5.60 and a twelve month high of $17.43.

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

Insider Buying and Selling at CorMedix

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

Institutional Trading of CorMedix

A number of institutional investors have recently modified their holdings of CRMD. Comerica Bank raised its stake in CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock valued at $31,000 after purchasing an additional 2,205 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in CorMedix in the 2nd quarter valued at about $42,000. Caitong International Asset Management Co. Ltd raised its position in shares of CorMedix by 666.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after buying an additional 3,813 shares in the last quarter. USA Financial Formulas bought a new stake in shares of CorMedix during the 2nd quarter worth approximately $55,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of CorMedix during the 3rd quarter worth approximately $54,000. 34.18% of the stock is currently owned by institutional investors.

About CorMedix

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.