CorMedix’s (CRMD) “Buy” Rating Reiterated at D. Boral Capital

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating reaffirmed by D. Boral Capital in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $14.00 price target on the stock. D. Boral Capital’s price target would suggest a potential upside of 91.39% from the stock’s current price.

CRMD has been the subject of a number of other research reports. Needham & Company LLC reduced their price objective on CorMedix from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, November 12th. 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 raised CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $22.00 target price (up from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Finally, Zacks Research raised CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $18.00.

CorMedix Stock Performance

CRMD traded down $3.86 on Thursday, hitting $7.32. 20,372,871 shares of the company’s stock were exchanged, compared to its average volume of 6,163,388. 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 twelve month low of $5.60 and a twelve month high of $17.43. The stock has a fifty day moving average of $11.11 and a two-hundred day moving average of $11.71. The firm has a market cap of $576.35 million, a PE ratio of 3.56 and a beta of 1.36.

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

Insider Buying and Selling

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the firm’s 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 sale, the director directly owned 80,498 shares of the company’s stock, valued at $956,316.24. This trade represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alan W. Dunton sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the transaction, the director owned 40,250 shares in the company, valued at $523,250. This represents a 33.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 90,000 shares of company stock worth $1,095,200 in the last 90 days. 3.10% of the stock is owned by company insiders.

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. purchased a new position in CorMedix during the third quarter worth about $38,656,000. Marshall Wace LLP increased its position in CorMedix by 1,019.2% in the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock valued at $31,785,000 after acquiring an additional 2,349,451 shares during the period. UBS Group AG boosted its holdings in shares of CorMedix by 295.3% in the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after acquiring an additional 814,964 shares in the last quarter. Jump Financial LLC purchased a new position in CorMedix in the third quarter worth $9,003,000. Finally, Raymond James Financial Inc. raised its holdings in CorMedix by 646.8% during the third quarter. Raymond James Financial Inc. now owns 651,987 shares of the company’s stock worth $7,583,000 after purchasing an additional 564,688 shares during the last quarter. 34.18% of the stock is 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.