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 note issued to investors on Thursday.
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. “
Other research analysts have also recently issued research reports about the stock. Rodman & Renshaw dropped their price target on shares of CorMedix from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 10th. HC Wainwright set a $3.00 price target on shares of CorMedix and gave the stock a “buy” rating in a research note on Thursday, August 10th.
CorMedix (NYSEMKT:CRMD) traded down 3.0146% during midday trading on Thursday, hitting $0.4311. The company’s stock had a trading volume of 628,271 shares. The company’s 50 day moving average price is $0.40 and its 200 day moving average price is $0.86. The firm’s market cap is $25.53 million. CorMedix has a 12 month low of $0.32 and a 12 month high of $3.26.
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In other news, Director Myron Kaplan bought 80,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were bought at an average price of $0.40 per share, for a total transaction of $32,000.00. Following the purchase, the director now owns 180,000 shares in the company, valued at $72,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mehmood Khan bought 400,000 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average price of $0.39 per share, for a total transaction of $156,000.00. Following the purchase, the director now owns 50,000 shares in the company, valued at approximately $19,500. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 566,207 shares of company stock worth $220,707.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. Vanguard Group Inc. lifted its stake in shares of CorMedix by 3.0% during the 2nd 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 in the last quarter. Susquehanna International Group LLP lifted its stake in CorMedix by 11,785.4% in the 2nd quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock worth $886,000 after purchasing an additional 2,085,670 shares in the last quarter. Finally, Elliott Management Corp lifted its stake in CorMedix by 177.8% in the 2nd quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock worth $1,785,000 after purchasing an additional 2,666,668 shares in the last quarter.
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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