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 to clients and investors on Tuesday.
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 analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $4.00 price objective (up from $3.00) on shares of CorMedix in a report on Monday, September 25th. Rodman & Renshaw decreased their price objective 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 up 4.3149% during mid-day trading on Tuesday, hitting $0.6479. 2,059,883 shares of the stock were exchanged. The stock’s market cap is $38.38 million. CorMedix has a 52-week low of $0.32 and a 52-week high of $2.91. The stock has a 50 day moving average of $0.48 and a 200-day moving average of $0.59.
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In other news, Director Mehmood Khan bought 400,000 shares of CorMedix stock in a transaction on 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 completion of the acquisition, the director now owns 50,000 shares of the company’s stock, valued at approximately $19,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Myron Kaplan bought 80,000 shares of CorMedix stock in a transaction on Thursday, August 17th. The stock was 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 directly owns 180,000 shares of the company’s stock, valued at approximately $72,000. The disclosure for this purchase can be found here. Insiders acquired 566,207 shares of company stock valued at $220,707 over the last quarter.
Several hedge funds have recently modified their holdings of the company. Sabby Management LLC purchased a new stake in shares of CorMedix during the second quarter worth about $1,818,000. Susquehanna International Group LLP grew its stake in shares of CorMedix by 11,785.4% during the second quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock worth $886,000 after acquiring an additional 2,085,670 shares during the last quarter. Elliott Management Corp grew its stake in shares of CorMedix by 177.8% during the second quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock worth $1,785,000 after acquiring an additional 2,666,668 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of CorMedix by 3.0% during the second quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock worth $518,000 after acquiring an additional 35,148 shares during 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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