CorMedix (NASDAQ:CRMD) Downgraded by Zacks Research to Strong Sell

Zacks Research downgraded shares of CorMedix (NASDAQ:CRMD) from a hold rating to a strong sell rating in a research report released on Tuesday morning,Zacks.com reports.

CRMD has been the topic of several other reports. D. Boral Capital reissued a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Wednesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, January 21st. Truist Financial set a $16.00 price objective on shares of CorMedix in a research report on Thursday, January 8th. Needham & Company LLC decreased their price objective on shares of CorMedix from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Finally, Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.86.

CorMedix Stock Down 3.4%

Shares of CorMedix stock opened at $7.43 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. CorMedix has a 52-week low of $5.60 and a 52-week high of $17.43. The company’s 50 day moving average price is $9.60 and its 200-day moving average price is $10.90. The stock has a market capitalization of $585.41 million, a price-to-earnings ratio of 3.61 and a beta of 1.39.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $65.63 million. During the same quarter in the prior year, the company posted ($0.05) EPS. The firm’s revenue for the quarter was up 810.2% compared to the same quarter last year. Equities research analysts forecast that CorMedix will post -0.32 EPS for the current year.

CorMedix declared that its board has approved a share repurchase program on Monday, February 2nd that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at CorMedix

In other news, 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 transaction of $360,000.00. Following the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This represents a 5.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan W. Dunton sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total transaction of $260,000.00. Following the completion of the transaction, the director owned 40,250 shares of the company’s stock, valued at $523,250. This represents a 33.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 90,000 shares of company stock valued at $1,095,200 in the last three months. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRMD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CorMedix by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock valued at $222,000 after buying an additional 1,631 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of CorMedix in the second quarter valued at about $165,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of CorMedix during the second quarter worth about $270,000. Wingate Wealth Advisors Inc. lifted its stake in CorMedix by 2.8% in the 2nd quarter. Wingate Wealth Advisors Inc. now owns 129,537 shares of the company’s stock valued at $1,596,000 after buying an additional 3,522 shares in the last quarter. Finally, Corton Capital Inc. acquired a new stake in CorMedix in the 2nd quarter worth about $136,000. Institutional investors and hedge funds 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.