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

CorMedix Inc (NASDAQ:CRMD) has been assigned an average recommendation of “Buy” from the nine brokerages that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $15.8571.

A number of research firms have issued reports on CRMD. Royal Bank Of Canada set a $13.00 price target on CorMedix and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Zacks Research downgraded shares of CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. D. Boral Capital reaffirmed a “buy” rating and set a $14.00 target price on shares of CorMedix in a report on Thursday, January 8th. Truist Financial set a $16.00 price target on shares of CorMedix in a research report on Thursday, January 8th. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th.

Insider Buying and Selling at CorMedix

In other CorMedix news, Director Steven W. Lefkowitz sold 40,000 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total transaction of $475,200.00. Following the completion of the transaction, the director owned 80,498 shares of the company’s stock, valued at $956,316.24. This represents a 33.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $12.00, for a total value of $360,000.00. Following the transaction, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. The trade was a 5.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 90,000 shares of company stock valued at $1,095,200 over the last 90 days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP grew its holdings in CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after purchasing an additional 2,349,451 shares during the last quarter. Hussman Strategic Advisors Inc. lifted its holdings in shares of CorMedix by 400.0% during the 3rd 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. Geode Capital Management LLC boosted its position in shares of CorMedix by 11.4% in 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. New York State Common Retirement Fund boosted its position in shares of CorMedix by 93.5% in the 2nd quarter. New York State Common Retirement Fund now owns 297,463 shares of the company’s stock worth $3,665,000 after purchasing an additional 143,700 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in CorMedix during the 2nd quarter worth $270,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Stock Down 3.2%

Shares of NASDAQ:CRMD opened at $7.76 on Monday. 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 stock has a fifty day simple moving average of $9.93 and a two-hundred day simple moving average of $11.09. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43. The stock has a market capitalization of $611.41 million, a price-to-earnings ratio of 3.77 and a beta of 1.39.

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. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The business had revenue of $104.28 million during the quarter, compared to analyst estimates of $65.63 million. During the same period last year, the business earned ($0.05) EPS. CorMedix’s revenue was up 810.2% compared to the same quarter last year. On average, research analysts anticipate that CorMedix will post -0.32 earnings per share for the current fiscal year.

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.