Stock Repurchase Program Announced by CorMedix (NASDAQ:CRMD)

CorMedix (NASDAQ:CRMD) announced that its board has authorized a share buyback program on Monday, February 2nd, RTT News reports. The company plans to buyback $75.00 million in shares. This buyback authorization permits the company to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

CorMedix Price Performance

CRMD opened at $8.12 on Wednesday. The stock has a fifty day simple moving average of $9.87 and a two-hundred day simple moving average of $11.05. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39. The company has a market cap of $639.77 million, a price-to-earnings ratio of 3.94 and a beta of 1.39. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.78. The firm had revenue of $104.28 million for the quarter, compared to analysts’ expectations of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The company’s quarterly revenue was up 810.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS. Research analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRMD has been the topic of a number of research analyst reports. Zacks Research downgraded CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. D Boral Capital raised CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. D. Boral Capital reiterated a “buy” rating and issued a $14.00 price target on shares of CorMedix in a report on Thursday, January 8th. Finally, Wall Street Zen downgraded shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, CorMedix currently has a consensus rating of “Buy” and an average price target of $15.86.

Insiders Place Their Bets

In other CorMedix news, CEO Joseph Todisco sold 30,000 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $12.00, for a total value of $360,000.00. Following the sale, the chief executive officer owned 509,496 shares in the company, valued at approximately $6,113,952. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan W. Dunton sold 20,000 shares of CorMedix stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the transaction, the director owned 40,250 shares of the company’s stock, valued at $523,250. The trade was a 33.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 90,000 shares of company stock worth $1,095,200. 3.10% of the stock is currently owned by company insiders.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.