CorMedix Inc (NASDAQ:CRMD) Receives Average Rating of “Moderate Buy” from Analysts

CorMedix Inc (NASDAQ:CRMD) has been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $15.8571.

Several analysts have recently weighed in on CRMD shares. Wall Street Zen lowered CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Truist Financial set a $16.00 target price on shares of CorMedix in a research note on Thursday, January 8th. D. Boral Capital reissued a “buy” rating and set a $14.00 price objective on shares of CorMedix in a report on Wednesday, February 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. Finally, Royal Bank Of Canada set a $13.00 target price on shares of CorMedix and gave the company an “outperform” rating in a research note on Wednesday, January 21st.

CorMedix Stock Up 0.9%

CRMD opened at $7.07 on Friday. The business has a 50-day moving average of $8.87 and a 200-day moving average of $10.62. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The company has a market capitalization of $557.05 million, a PE ratio of 3.43 and a beta of 1.39. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.94 and a quick ratio of 1.73.

CorMedix declared that its Board of Directors has initiated a stock repurchase plan on Monday, February 2nd that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at CorMedix

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total transaction of $475,200.00. Following the sale, the director directly owned 80,498 shares in the company, valued at $956,316.24. This trade represents a 33.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph Todisco sold 30,000 shares of the business’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 completion of the sale, the chief executive officer owned 509,496 shares in the company, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 90,000 shares of company stock valued at $1,095,200 over the last 90 days. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRMD. Marshall Wace LLP lifted its stake in CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock valued at $31,785,000 after acquiring an additional 2,349,451 shares during the last quarter. Hussman Strategic Advisors Inc. grew its position in shares of CorMedix by 400.0% in the third quarter. Hussman Strategic Advisors Inc. now owns 315,000 shares of the company’s stock valued at $3,663,000 after purchasing an additional 252,000 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in CorMedix during the 3rd quarter worth $1,515,000. Geode Capital Management LLC grew its position in shares of CorMedix by 11.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock worth $19,669,000 after purchasing an additional 163,403 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of CorMedix by 93.5% in the second quarter. New York State Common Retirement Fund now owns 297,463 shares of the company’s stock valued at $3,665,000 after buying an additional 143,700 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

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.