CorMedix (NASDAQ:CRMD) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of CorMedix (NASDAQ:CRMD) from a strong-buy rating to a buy rating in a report issued on Friday morning.

Several other research firms also recently commented on CRMD. D Boral Capital downgraded shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 30th. Needham & Company LLC increased their target price on shares of CorMedix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 24th. D. Boral Capital downgraded shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Monday, June 30th. Royal Bank Of Canada upgraded shares of CorMedix from an “outperform” rating to a “moderate buy” rating and upped their price target for the company from $13.00 to $17.00 in a research report on Friday, June 20th. Finally, HC Wainwright reduced their price objective on CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.00.

CorMedix Trading Up 2.6%

CRMD opened at $11.34 on Friday. The stock has a market capitalization of $885.19 million, a P/E ratio of 15.12 and a beta of 1.85. The stock has a 50-day moving average price of $12.35 and a 200-day moving average price of $11.34. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. The company had revenue of $39.74 million for the quarter, compared to analysts’ expectations of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.CorMedix’s revenue for the quarter was up 4830.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.25) EPS. On average, equities research analysts predict that CorMedix will post -0.32 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joseph Todisco sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.00, for a total transaction of $650,000.00. Following the completion of the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at $6,623,448. This trade represents a 8.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kaufman Beth Zelnick sold 50,000 shares of CorMedix stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $13.41, for a total value of $670,500.00. Following the transaction, the insider owned 180,418 shares of the company’s stock, valued at $2,419,405.38. The trade was a 21.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 163,997 shares of company stock worth $2,163,617. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of CorMedix

Institutional investors and hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. purchased a new position in CorMedix in the fourth quarter worth about $103,000. Bank of America Corp DE raised its holdings in CorMedix by 1.9% in the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company’s stock worth $487,000 after acquiring an additional 1,124 shares during the last quarter. Two Sigma Investments LP lifted its position in CorMedix by 19.7% in the 4th quarter. Two Sigma Investments LP now owns 31,489 shares of the company’s stock valued at $255,000 after acquiring an additional 5,189 shares in the last quarter. Rhumbline Advisers boosted its stake in CorMedix by 7.7% during the 1st quarter. Rhumbline Advisers now owns 81,565 shares of the company’s stock valued at $502,000 after purchasing an additional 5,818 shares during the last quarter. Finally, Palumbo Wealth Management LLC increased its holdings in shares of CorMedix by 53.7% in the 1st quarter. Palumbo Wealth Management LLC now owns 46,598 shares of the company’s stock worth $287,000 after purchasing an additional 16,272 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors.

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.