CorMedix Inc. (NYSEMKT:CRMD) Downgraded by Zacks Investment Research
CorMedix Inc. (NYSEMKT:CRMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
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. “
Several other research firms have also recently issued reports on CRMD. Rodman & Renshaw lowered their price objective on CorMedix from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 5th. FBR & Co reaffirmed a “buy” rating on shares of CorMedix in a research report on Monday, April 24th.
Shares of CorMedix (NYSEMKT CRMD) remained flat at $0.39 during midday trading on Monday. 230,048 shares of the stock were exchanged. The firm’s market capitalization is $15.84 million. CorMedix has a 1-year low of $0.36 and a 1-year high of $3.26. The company has a 50 day moving average of $0.45 and a 200 day moving average of $1.34.
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In other news, CEO Khoso Baluch bought 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was purchased at an average cost of $0.48 per share, with a total value of $36,000.00. Following the transaction, the chief executive officer now directly owns 85,000 shares in the company, valued at $40,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders purchased 208,581 shares of company stock valued at $101,530.
An institutional investor recently raised its position in CorMedix stock. Franklin Resources Inc. increased its stake in shares of CorMedix Inc. (NYSEMKT:CRMD) by 13.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,762 shares of the biotechnology company’s stock after buying an additional 8,723 shares during the period. Franklin Resources Inc. owned approximately 0.19% of CorMedix worth $114,000 at the end of the most recent quarter.
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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