CorMedix Inc. (CRMD) Raised to “Buy” at Zacks Investment Research
CorMedix Inc. (NYSEMKT:CRMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $3.25 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.46% from the company’s current price.
According to Zacks, “CorMedix Inc. is a development-stage pharmaceutical company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and renal dysfunction, also known as cardiorenal disease. CorMedix’s goal is to treat kidney disease by reducing the commonly associated cardiovascular and metabolic complications. The Company’s therapeutic candidates for cardiorenal disease may be small molecules, biologicals, devices and/or diagnostics (tests) that enable therapy. Its product pipeline includes: CRMD001, a unique formulation Deferiprone which is in development to prevent Contrast-Induced Acute Kidney Injury and to slow progression of Chronic Kidney Disease; CRMD002, a diagnostic test for urinary labile iron; CRMD003 (Neutrolin®, an antimicrobial/anticoagulant solution) is in development to prevent Catheter Related Bloodstream Infection; CRMD004, a pressure sensitive gel which has many uses, including extending the benefits of Neutrolin®. CorMedix Inc. is based in Summit, New Jersey. “
Shares of CorMedix (NYSEMKT:CRMD) traded down 0.69% on Monday, reaching $2.89. 234,143 shares of the company traded hands. The company has a 50-day moving average of $2.24 and a 200-day moving average of $2.47. CorMedix has a 1-year low of $1.15 and a 1-year high of $4.54. The stock’s market capitalization is $107.47 million.
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CorMedix (NYSEMKT:CRMD) last announced its earnings results on Friday, August 5th. The company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. The business had revenue of $16.51 million for the quarter, compared to the consensus estimate of $119.97 million. Analysts anticipate that CorMedix will post ($0.57) earnings per share for the current fiscal year.
In other CorMedix news, Director Taunia Markvicka bought 18,600 shares of CorMedix stock in a transaction that occurred on Thursday, August 25th. The stock was purchased at an average price of $1.65 per share, with a total value of $30,690.00. Following the completion of the acquisition, the director now directly owns 22,600 shares in the company, valued at approximately $37,290. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet Dillione bought 15,000 shares of CorMedix stock in a transaction that occurred on Thursday, September 22nd. The shares were acquired at an average cost of $2.66 per share, with a total value of $39,900.00. Following the acquisition, the director now owns 15,000 shares of the company’s stock, valued at $39,900. The disclosure for this purchase can be found here.
Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in shares of CorMedix by 12.9% in the first quarter. State Street Corp now owns 306,129 shares of the company’s stock valued at $809,000 after buying an additional 34,949 shares during the period. Franklin Resources Inc. boosted its position in shares of CorMedix by 10.4% in the first quarter. Franklin Resources Inc. now owns 63,301 shares of the company’s stock valued at $168,000 after buying an additional 5,946 shares during the period. Private Advisor Group LLC boosted its position in shares of CorMedix by 14.2% in the second quarter. Private Advisor Group LLC now owns 108,333 shares of the company’s stock valued at $195,000 after buying an additional 13,500 shares during the period. Geode Capital Management LLC boosted its position in shares of CorMedix by 2.4% in the first quarter. Geode Capital Management LLC now owns 196,637 shares of the company’s stock valued at $521,000 after buying an additional 4,596 shares during the period. Finally, Paloma Partners Management Co boosted its position in shares of CorMedix by 746.1% in the second quarter. Paloma Partners Management Co now owns 132,864 shares of the company’s stock valued at $264,000 after buying an additional 117,160 shares during the period.
CorMedix Company Profile
CorMedix Inc is a commercial pharmaceutical and medical device company. The Company in-licenses, develops and commercializes prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company has in-licensed the rights to develop and commercialize its product candidate, CRMD003 (Neutrolin), which addresses market opportunities in the instances in which a central venous catheter is used, such as hemodialysis, intensive care units, oncology, and patients receiving total parenteral nutrition, intravenous (IV) hydration, and/or IV medications.
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