CorMedix Inc (NASDAQ:CRMD) Receives $15.86 Average Price Target from Analysts

Shares of CorMedix Inc (NASDAQ:CRMD) have been given an average recommendation of “Moderate Buy” by the eight analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $15.8571.

Several brokerages recently issued reports on CRMD. Truist Financial set a $16.00 target price on shares of CorMedix in a report on Thursday, January 8th. Wall Street Zen lowered CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Royal Bank Of Canada set a $13.00 target price on CorMedix and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Needham & Company LLC dropped their target price on CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Finally, Zacks Research downgraded CorMedix from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 10th.

CorMedix Trading Down 0.7%

CorMedix stock opened at $7.03 on Friday. The stock has a 50-day moving average price of $9.04 and a 200 day moving average price of $10.67. The company has a market capitalization of $553.89 million, a price-to-earnings ratio of 3.41 and a beta of 1.39. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39.

CorMedix declared that its board has authorized a stock repurchase plan on Monday, February 2nd that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at CorMedix

In related news, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alan W. Dunton sold 20,000 shares of CorMedix stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the completion of the transaction, the director directly owned 40,250 shares of the company’s stock, valued at $523,250. The trade was a 33.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 90,000 shares of company stock worth $1,095,200 in the last three months. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CorMedix

A number of large investors have recently bought and sold shares of the business. State of Tennessee Department of Treasury purchased a new position in CorMedix during the fourth quarter worth approximately $223,000. Empowered Funds LLC purchased a new position in shares of CorMedix during the 4th quarter valued at approximately $1,534,000. VARCOV Co. purchased a new position in shares of CorMedix during the 4th quarter valued at approximately $1,987,000. Inspire Investing LLC acquired a new stake in CorMedix in the 4th quarter valued at $1,247,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in CorMedix by 105.4% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 43,431 shares of the company’s stock worth $505,000 after acquiring an additional 22,283 shares in the last quarter. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.