CorMedix Inc. (CRMD) Upgraded by Zacks Investment Research to “Buy”
CorMedix Inc. (NYSEMKT:CRMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $3.25 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.46% from the stock’s previous close.
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% during trading on Monday, reaching $2.89. 234,143 shares of the company traded hands. CorMedix has a 52 week low of $1.15 and a 52 week high of $4.54. The stock’s market capitalization is $107.47 million. The firm has a 50 day moving average of $2.24 and a 200 day moving average of $2.47.
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CorMedix (NYSEMKT:CRMD) last posted its quarterly earnings data on Friday, August 5th. The company reported ($0.13) earnings per share (EPS) 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 analyst estimates of $119.97 million. On average, equities analysts predict that CorMedix will post ($0.57) EPS for the current year.
In other news, Director Taunia Markvicka bought 18,600 shares of CorMedix stock in a transaction on Thursday, August 25th. The shares were bought at an average cost of $1.65 per share, with a total value of $30,690.00. Following the completion of the purchase, the director now directly owns 22,600 shares of the company’s stock, valued at $37,290. The purchase was disclosed in a 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 on Thursday, September 22nd. The shares were purchased at an average cost of $2.66 per share, for a total transaction of $39,900.00. Following the completion of the purchase, the director now directly owns 15,000 shares of the company’s stock, valued at $39,900. The disclosure for this purchase can be found here.
A number of institutional investors have recently modified their holdings of CRMD. Paloma Partners Management Co increased 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 worth $264,000 after buying an additional 117,160 shares during the period. Bridgeway Capital Management Inc. increased its position in shares of CorMedix by 1.7% in the second quarter. Bridgeway Capital Management Inc. now owns 279,701 shares of the company’s stock worth $557,000 after buying an additional 4,600 shares during the period. Vanguard Group Inc. increased its position in shares of CorMedix by 0.7% in the second quarter. Vanguard Group Inc. now owns 1,112,569 shares of the company’s stock worth $2,214,000 after buying an additional 7,519 shares during the period. Private Advisor Group LLC increased 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 worth $195,000 after buying an additional 13,500 shares during the period. Finally, Geode Capital Management LLC increased 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 worth $521,000 after buying an additional 4,596 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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