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

CorMedix (NASDAQ:CRMD) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other brokerages also recently commented on CRMD. Needham & Company LLC cut their price objective on shares of CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. HC Wainwright reduced their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada set a $13.00 target price on CorMedix and gave the company an “outperform” rating in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $15.86.

CorMedix Stock Down 3.4%

Shares of NASDAQ:CRMD opened at $7.43 on Tuesday. CorMedix has a 1 year low of $5.60 and a 1 year high of $17.43. The company has a market cap of $585.41 million, a PE ratio of 3.61 and a beta of 1.39. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.94 and a quick ratio of 1.73. The stock’s 50-day moving average is $9.60 and its 200 day moving average is $10.90.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, topping 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 firm had revenue of $104.28 million for the quarter, compared to the consensus estimate of $65.63 million. During the same quarter in the prior year, the business earned ($0.05) EPS. The business’s revenue for the quarter was up 810.2% on a year-over-year basis. Sell-side analysts anticipate that CorMedix will post -0.32 EPS for the current year.

CorMedix announced that its Board of Directors has initiated a stock buyback program on Monday, February 2nd that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at CorMedix

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total transaction of $475,200.00. Following the completion of the sale, the director owned 80,498 shares in the company, valued at approximately $956,316.24. This represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $12.00, for a total value of $360,000.00. Following the completion of the transaction, the chief executive officer directly owned 509,496 shares in the company, valued at approximately $6,113,952. This represents a 5.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 90,000 shares of company stock worth $1,095,200. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. grew its stake in CorMedix by 17.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock valued at $81,000 after acquiring an additional 998 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in CorMedix by 22.2% in the 2nd 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 in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of CorMedix by 11.9% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company’s stock valued at $168,000 after purchasing an additional 1,451 shares during the last quarter. Palisades Investment Partners LLC grew its position in shares of CorMedix by 0.3% during the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company’s stock valued at $6,561,000 after purchasing an additional 1,579 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of CorMedix by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock valued at $222,000 after purchasing an additional 1,631 shares in the last quarter. 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.