CorMedix (NYSEAMERICAN:CRMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $0.25 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price points to a potential downside of 19.35% from the company’s current price.

According to Zacks, “CorMedix Inc. is a development-stage pharmaceutical company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and renal dysfunction, also known as cardiorenal disease. CorMedix’s goal is to treat kidney disease by reducing the commonly associated cardiovascular and metabolic complications. The Company’s therapeutic candidates for cardiorenal disease may be small molecules, biologicals, devices and/or diagnostics (tests) that enable therapy. Its product pipeline includes: CRMD001, a unique formulation Deferiprone which is in development to prevent Contrast-Induced Acute Kidney Injury and to slow progression of Chronic Kidney Disease; CRMD002, a diagnostic test for urinary labile iron; CRMD003 (Neutrolin┬«, an antimicrobial/anticoagulant solution) is in development to prevent Catheter Related Bloodstream Infection; CRMD004, a pressure sensitive gel which has many uses, including extending the benefits of Neutrolin┬«. CorMedix Inc. is based in Summit, New Jersey. “

CRMD stock opened at $0.31 on Wednesday. CorMedix has a 12-month low of $0.27 and a 12-month high of $1.91. The stock has a market capitalization of $18.50, a P/E ratio of -0.51 and a beta of 0.60.

A number of hedge funds have recently made changes to their positions in CRMD. Spinnaker Capital LLC acquired a new position in CorMedix during the 4th quarter worth $202,000. Virtu Financial LLC lifted its holdings in shares of CorMedix by 126.4% in the fourth quarter. Virtu Financial LLC now owns 226,748 shares of the biotechnology company’s stock valued at $114,000 after buying an additional 126,610 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of CorMedix by 3.0% in the second quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock valued at $518,000 after buying an additional 35,148 shares during the period.

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About CorMedix

CorMedix Inc is a commercial pharmaceutical and medical device company. The Company in-licenses, develops and commercializes prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company has in-licensed the rights to develop and commercialize its product candidate, CRMD003 (Neutrolin), which addresses market opportunities in the instances in which a central venous catheter is used, such as hemodialysis, intensive care units, oncology, and patients receiving total parenteral nutrition, intravenous (IV) hydration, and/or IV medications.

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