CorMedix (NASDAQ:CRMD) Rating Lowered to Hold at Zacks Research

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

Other equities research analysts also recently issued research reports about the company. HC Wainwright increased their target price on CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $22.00 target price (up previously from $21.00) on shares of CorMedix in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, October 8th. Needham & Company LLC reduced their price objective on CorMedix from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Finally, Truist Financial set a $16.00 price objective on CorMedix in a research report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, CorMedix currently has an average rating of “Buy” and a consensus price target of $17.86.

CorMedix Stock Performance

NASDAQ CRMD opened at $7.06 on Monday. The firm’s 50 day simple moving average is $10.79 and its 200 day simple moving average is $11.48. The firm has a market capitalization of $556.25 million, a price-to-earnings ratio of 3.43 and a beta of 1.36. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39. CorMedix has a 1 year low of $5.60 and a 1 year high of $17.43.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.78. The firm had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The business’s revenue for the quarter was up 810.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share. As a group, research analysts expect that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In other news, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction on 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 directly owned 80,498 shares in the company, valued at approximately $956,316.24. This trade represents a 33.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alan W. Dunton sold 20,000 shares of the firm’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 sale, 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. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 90,000 shares of company stock worth $1,095,200. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Comerica Bank raised its stake 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 buying an additional 2,205 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of CorMedix during the 2nd quarter valued at about $42,000. Caitong International Asset Management Co. Ltd lifted its holdings in CorMedix by 666.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after acquiring an additional 3,813 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of CorMedix in the 3rd quarter valued at approximately $54,000. Finally, USA Financial Formulas acquired a new stake in shares of CorMedix in the second quarter valued at $55,000. 34.18% of the stock is currently owned by hedge funds and other 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.