CorMedix Inc. (CRMD) Downgraded by Zacks Investment Research to “Hold”
CorMedix Inc. (NYSEMKT:CRMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
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 brokerages also recently issued reports on CRMD. HC Wainwright set a $3.00 price target on CorMedix and gave the stock a “buy” rating in a report on Thursday, August 10th. Rodman & Renshaw lowered their price target on CorMedix from $6.00 to $5.00 and set a “buy” rating for the company in a report on Friday, May 5th. Finally, FBR & Co restated a “buy” rating on shares of CorMedix in a report on Monday, April 24th.
Shares of CorMedix (CRMD) traded down 1.18% during midday trading on Friday, reaching $0.42. The company’s stock had a trading volume of 660,366 shares. The company’s market capitalization is $24.88 million. The stock has a 50 day moving average price of $0.39 and a 200-day moving average price of $1.02. CorMedix has a 52-week low of $0.32 and a 52-week high of $3.26.
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Several large investors have recently made changes to their positions in CRMD. Elliott Management Corp increased its stake in shares of CorMedix by 177.8% in the second quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock valued at $1,785,000 after buying an additional 2,666,668 shares during the period. Susquehanna International Group LLP increased its stake in shares of CorMedix by 11,785.4% in the second quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock valued at $886,000 after buying an additional 2,085,670 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of CorMedix by 3.0% in the second quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock valued at $518,000 after buying an additional 35,148 shares during the 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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