CorMedix Inc. (CRMD) Upgraded to Buy by 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 Tuesday. The firm currently has a $0.50 target price on the biotechnology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 23.15% from the company’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. “
CRMD has been the subject of a number of other reports. Rodman & Renshaw decreased their target price on CorMedix from $6.00 to $5.00 and set a “buy” rating for the company in a report on Friday, May 5th. FBR & Co reiterated a “buy” rating on shares of CorMedix in a report on Monday, April 24th.
CorMedix (NYSEMKT:CRMD) traded up 0.000% on Tuesday, hitting $0.406. The stock had a trading volume of 208,108 shares. The company’s market cap is $16.49 million. The firm’s 50-day moving average is $0.45 and its 200-day moving average is $1.34. CorMedix has a 52-week low of $0.36 and a 52-week high of $3.26.
In other CorMedix news, CEO Khoso Baluch purchased 75,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $0.48 per share, for a total transaction of $36,000.00. Following the completion of the purchase, the chief executive officer now directly owns 85,000 shares in the company, valued at $40,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders acquired 208,581 shares of company stock worth $101,530.
A hedge fund recently raised its stake in CorMedix stock. Franklin Resources Inc. boosted its position in CorMedix Inc. (NYSEMKT:CRMD) by 13.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 74,762 shares of the biotechnology company’s stock after buying an additional 8,723 shares during the period. Franklin Resources Inc. owned about 0.19% of CorMedix worth $114,000 at the end of the most recent reporting period.
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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