CorMedix (NASDAQ:CRMD) to Repurchase $75.00 million in Shares

CorMedix (NASDAQ:CRMD) declared that its Board of Directors has approved a stock buyback plan on Monday, February 2nd, RTT News reports. The company plans to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

CorMedix Price Performance

NASDAQ:CRMD opened at $7.84 on Thursday. CorMedix has a one year low of $5.60 and a one year high of $17.43. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. The firm has a market cap of $617.71 million, a price-to-earnings ratio of 3.81 and a beta of 1.39. The firm’s fifty day moving average is $9.84 and its two-hundred day moving average is $11.03.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Zacks Research downgraded shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. D. Boral Capital reiterated a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research note on Thursday, January 8th. Wall Street Zen lowered shares of CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. D Boral Capital upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, HC Wainwright dropped their price target on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $15.86.

Insider Buying and Selling at CorMedix

In other news, Director Alan W. Dunton sold 20,000 shares of CorMedix stock in a transaction that occurred 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total transaction of $475,200.00. Following the completion of the transaction, the director owned 80,498 shares of the company’s stock, valued at approximately $956,316.24. This represents a 33.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 90,000 shares of company stock valued at $1,095,200. 3.10% of the stock is owned by company insiders.

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.