CorMedix (NASDAQ:CRMD) Upgraded by Wall Street Zen to “Strong-Buy” Rating

CorMedix (NASDAQ:CRMD) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Several other research analysts have also commented on CRMD. Royal Bank Of Canada upgraded CorMedix from an “outperform” rating to a “moderate buy” rating and lifted their price target for the stock from $13.00 to $17.00 in a research report on Friday, June 20th. D. Boral Capital lowered CorMedix from a “buy” rating to a “hold” rating in a research report on Monday, June 30th. D Boral Capital lowered CorMedix from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 30th. HC Wainwright dropped their price target on CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of CorMedix in a research report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

CorMedix Stock Down 1.1%

Shares of CorMedix stock opened at $12.94 on Friday. The firm has a market cap of $965.97 million, a price-to-earnings ratio of 17.25 and a beta of 1.76. The business has a 50-day moving average price of $12.31 and a 200-day moving average price of $11.23. CorMedix has a twelve month low of $5.60 and a twelve month high of $17.43.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.20 by $0.08. The company had revenue of $39.74 million during the quarter, compared to analyst estimates of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The firm’s revenue was up 4830.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.25) earnings per share. On average, equities analysts expect that CorMedix will post -0.32 EPS for the current fiscal year.

Insider Activity

In other news, insider Kaufman Beth Zelnick sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $13.41, for a total transaction of $670,500.00. Following the transaction, the insider owned 180,418 shares of the company’s stock, valued at approximately $2,419,405.38. This represents a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total value of $537,862.68. Following the transaction, the chief operating officer directly owned 176,990 shares in the company, valued at approximately $2,315,029.20. This represents a 18.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 153,997 shares of company stock valued at $2,032,317. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRMD. Vanguard Group Inc. raised its stake in shares of CorMedix by 7.9% during the first quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company’s stock valued at $22,463,000 after acquiring an additional 268,360 shares in the last quarter. Marshall Wace LLP raised its stake in shares of CorMedix by 1,019.2% during 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of CorMedix by 11.4% during the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock valued at $19,669,000 after acquiring an additional 163,403 shares in the last quarter. Palisades Investment Partners LLC raised its stake in shares of CorMedix by 56.7% during the second quarter. Palisades Investment Partners LLC now owns 562,527 shares of the company’s stock valued at $6,930,000 after acquiring an additional 203,557 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of CorMedix by 14.4% during the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company’s stock valued at $4,144,000 after acquiring an additional 64,243 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.