CorMedix (NASDAQ:CRMD) Rating Lowered to Buy at Wall Street Zen

CorMedix (NASDAQ:CRMD) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

A number of other analysts have also commented on CRMD. HC Wainwright decreased their price target on shares of CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, August 8th. D Boral Capital lowered shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, October 8th. D. Boral Capital lowered shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Monday, June 30th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of CorMedix in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.00.

CorMedix Trading Down 2.5%

Shares of CRMD stock opened at $10.73 on Friday. The firm has a market capitalization of $837.58 million, a PE ratio of 14.31 and a beta of 1.85. The firm has a fifty day simple moving average of $12.30 and a two-hundred day simple moving average of $11.43. CorMedix has a 12 month low of $5.60 and a 12 month high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. The business had revenue of $39.74 million during the quarter, compared to analyst estimates of $29.88 million. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. CorMedix’s quarterly revenue was up 4830.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.25) EPS. On average, equities analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In other news, COO Elizabeth Hurlburt sold 41,121 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total transaction of $537,862.68. Following the completion of the sale, the chief operating officer owned 176,990 shares in the company, valued at $2,315,029.20. This trade represents a 18.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alan W. Dunton sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.13, for a total transaction of $131,300.00. Following the sale, the director owned 40,250 shares of the company’s stock, valued at approximately $528,482.50. The trade was a 19.90% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 163,997 shares of company stock worth $2,163,617. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CorMedix

Several large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board bought a new position in CorMedix during the second quarter worth about $42,000. USA Financial Formulas bought a new position in CorMedix during the second quarter worth about $55,000. Russell Investments Group Ltd. boosted its position in CorMedix by 22.2% during the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after purchasing an additional 1,190 shares during the period. Ameritas Investment Partners Inc. boosted its position in CorMedix by 17.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock worth $81,000 after purchasing an additional 998 shares during the period. Finally, NewEdge Advisors LLC bought a new position in CorMedix during the second quarter worth about $92,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

About CorMedix

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.