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

CorMedix Inc (NASDAQ:CRMD) has received a consensus recommendation of “Buy” from the nine brokerages that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $15.8571.

Several equities analysts have recently weighed in on CRMD shares. Truist Financial set a $16.00 price target on CorMedix in a research report on Thursday, January 8th. Zacks Research lowered CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. HC Wainwright decreased their price target on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday. Royal Bank Of Canada set a $13.00 price objective on shares of CorMedix and gave the company an “outperform” rating in a research report on Wednesday. Finally, Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th.

CorMedix Stock Performance

Shares of CRMD stock opened at $7.27 on Monday. The stock has a market capitalization of $572.80 million, a P/E ratio of 3.53 and a beta of 1.36. 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 firm’s 50 day moving average is $10.14 and its 200 day moving average is $11.22. CorMedix has a 12 month low of $5.60 and a 12 month high of $17.43.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.78. The business had revenue of $104.28 million during the quarter, compared to analyst estimates of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. CorMedix’s revenue was up 810.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) EPS. On average, sell-side analysts anticipate that CorMedix will post -0.32 earnings per share for the current year.

Insider Activity

In other news, Director Alan W. Dunton sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total value of $260,000.00. Following the transaction, the director owned 40,250 shares of the company’s stock, valued at approximately $523,250. This represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction on Thursday, December 18th. The stock was 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 $6,113,952. This trade represents a 5.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 90,000 shares of company stock worth $1,095,200 in the last three months. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CorMedix

A number of large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. boosted its holdings in shares of CorMedix by 17.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock worth $81,000 after purchasing an additional 998 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of CorMedix by 22.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock valued at $81,000 after buying an additional 1,190 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in CorMedix by 11.9% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company’s stock worth $168,000 after buying an additional 1,451 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in CorMedix by 5.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company’s stock worth $338,000 after buying an additional 1,478 shares in the last quarter. Finally, Palisades Investment Partners LLC boosted its stake in CorMedix by 0.3% in the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company’s stock worth $6,561,000 after buying an additional 1,579 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

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.