CorMedix (NASDAQ:CRMD) Price Target Lowered to $13.00 at HC Wainwright

CorMedix (NASDAQ:CRMD) had its target price reduced by HC Wainwright from $18.00 to $13.00 in a report released on Friday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Truist Financial set a $16.00 price objective on shares of CorMedix in a research note on Thursday, January 8th. D. Boral Capital reiterated a “buy” rating and set a $14.00 target price on shares of CorMedix in a report on Thursday, January 8th. D Boral Capital raised CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Royal Bank Of Canada set a $13.00 price target on CorMedix and gave the stock an “outperform” rating in a report on Wednesday. Finally, Needham & Company LLC decreased their price objective on CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, CorMedix currently has a consensus rating of “Buy” and an average target price of $15.86.

CorMedix Stock Down 2.3%

CorMedix stock opened at $7.27 on Friday. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The firm has a market capitalization of $572.80 million, a price-to-earnings ratio of 3.53 and a beta of 1.36. The stock’s fifty day moving average is $10.14 and its two-hundred day moving average is $11.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $0.48 by $0.78. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The business had revenue of $104.28 million for the quarter, compared to analyst estimates of $65.63 million. During the same period in the previous year, the firm earned ($0.05) EPS. The business’s revenue for the quarter was up 810.2% compared to the same quarter last year. Analysts predict that CorMedix will post -0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Alan W. Dunton sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total value of $260,000.00. Following the completion of the transaction, the director directly owned 40,250 shares in the company, valued at approximately $523,250. This represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven W. Lefkowitz sold 40,000 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total value of $475,200.00. Following the transaction, the director owned 80,498 shares in the company, valued at $956,316.24. This trade represents a 33.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 90,000 shares of company stock valued at $1,095,200 in the last quarter. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

CorMedix Company Profile

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.