CorMedix Inc. (CRMD) Raised to Buy at 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 Friday. The brokerage presently has a $0.50 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 16.28% 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. “
Several other brokerages also recently weighed in on CRMD. HC Wainwright set a $3.00 price target on CorMedix and gave the company a “buy” rating in a report on Thursday, August 10th. Rodman & Renshaw cut their price target on CorMedix from $5.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 10th.
CorMedix (NYSEMKT CRMD) traded down 0.26% during midday trading on Friday, reaching $0.43. The company’s stock had a trading volume of 401,453 shares. CorMedix has a 52 week low of $0.32 and a 52 week high of $3.26. The stock’s market capitalization is $25.47 million. The firm’s 50-day moving average price is $0.41 and its 200-day moving average price is $0.85.
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In other news, Director Mehmood Khan acquired 400,000 shares of the company’s stock in a transaction dated Friday, August 18th. The stock was acquired at an average cost of $0.39 per share, for a total transaction of $156,000.00. Following the acquisition, the director now directly owns 50,000 shares in the company, valued at approximately $19,500. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Myron Kaplan acquired 80,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were purchased at an average price of $0.40 per share, with a total value of $32,000.00. Following the completion of the acquisition, the director now owns 180,000 shares in the company, valued at $72,000. The disclosure for this purchase can be found here. Insiders acquired a total of 566,207 shares of company stock valued at $220,707 over the last quarter.
Hedge funds have recently added to or reduced their stakes in the company. Susquehanna International Group LLP increased its holdings in shares of CorMedix by 11,785.4% during the 2nd quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock worth $886,000 after buying an additional 2,085,670 shares during the last quarter. Elliott Management Corp increased its holdings in shares of CorMedix by 177.8% during the 2nd quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock worth $1,785,000 after buying an additional 2,666,668 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings 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 worth $518,000 after buying an additional 35,148 shares during the last 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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