CorMedix Inc (NASDAQ:CRMD) Given Consensus Rating of “Moderate Buy” by Brokerages

CorMedix Inc (NASDAQ:CRMD) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $15.00.

Several research analysts have recently commented on CRMD shares. Needham & Company LLC lowered their price objective on shares of CorMedix from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. D. Boral Capital reiterated a “buy” rating and set a $14.00 target price on shares of CorMedix in a report on Wednesday, February 11th. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. HC Wainwright dropped their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, January 23rd. Finally, Royal Bank Of Canada set a $13.00 price objective on CorMedix and gave the stock an “outperform” rating in a research report on Wednesday, January 21st.

CorMedix Price Performance

CRMD opened at $6.54 on Tuesday. The stock’s 50-day moving average price is $7.38 and its 200 day moving average price is $10.00. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43. The company has a current ratio of 2.11, a quick ratio of 1.94 and a debt-to-equity ratio of 0.36. The firm has a market cap of $516.99 million, a price-to-earnings ratio of 3.27 and a beta of 1.31.

CorMedix (NASDAQ:CRMD) last released its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.70). The firm had revenue of $128.62 million during the quarter, compared to analyst estimates of $127.02 million. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The business’s revenue was up 312.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 earnings per share. As a group, sell-side analysts expect that CorMedix will post -0.32 earnings per share for the current year.

CorMedix declared that its board has approved a stock buyback program on Monday, February 2nd that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other CorMedix news, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $12.00, for a total value of $360,000.00. Following the sale, the chief executive officer owned 509,496 shares of the company’s stock, valued at $6,113,952. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alan W. Dunton sold 20,000 shares of CorMedix stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total value of $260,000.00. Following the completion of the transaction, the director 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. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRMD. Financial Management Professionals Inc. purchased a new stake in shares of CorMedix in the 4th quarter valued at approximately $25,000. Comerica Bank lifted its position 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 purchasing an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of CorMedix during the second quarter worth $42,000. Kestra Advisory Services LLC purchased a new position in CorMedix in the fourth quarter valued at $49,000. Finally, Caitong International Asset Management Co. Ltd increased 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 buying an additional 3,813 shares during the last quarter. Hedge funds and other institutional investors 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.