CorMedix (NASDAQ:CRMD) Receives Buy Rating from D. Boral Capital

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating restated by equities researchers at D. Boral Capital in a note issued to investors on Wednesday,Benzinga reports. They currently have a $14.00 price target on the stock. D. Boral Capital’s target price indicates a potential upside of 82.05% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen cut CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. HC Wainwright reduced their target price on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Zacks Research downgraded CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. Finally, Truist Financial set a $16.00 price objective on CorMedix in a research note on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.86.

CorMedix Stock Up 1.5%

NASDAQ CRMD opened at $7.69 on Wednesday. The business’s fifty day simple moving average is $9.66 and its 200-day simple moving average is $10.92. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39. The firm has a market cap of $605.90 million, a PE ratio of 3.73 and a beta of 1.39. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same period last year, the business earned ($0.05) earnings per share. CorMedix’s revenue was up 810.2% compared to the same quarter last year. As a group, equities analysts anticipate that CorMedix will post -0.32 earnings per share for the current year.

CorMedix declared that its board has initiated a stock buyback program on Monday, February 2nd that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total value of $475,200.00. Following the sale, the director directly owned 80,498 shares in the company, valued at $956,316.24. The trade was a 33.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alan W. Dunton sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total transaction of $260,000.00. Following the transaction, the director directly owned 40,250 shares of the company’s stock, valued at approximately $523,250. This trade represents a 33.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 90,000 shares of company stock worth $1,095,200. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its position in CorMedix by 259.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company’s stock worth $9,639,000 after purchasing an additional 597,971 shares in the last quarter. Geode Capital Management LLC raised its position in CorMedix by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 1,912,233 shares of the company’s stock valued at $22,243,000 after purchasing an additional 102,461 shares during the period. Jackson Creek Investment Advisors LLC acquired a new position in shares of CorMedix during the fourth quarter worth about $443,000. GatePass Capital LLC acquired a new stake in shares of CorMedix in the fourth quarter valued at about $582,000. Finally, Mach 1 Financial Group LLC purchased a new stake in shares of CorMedix during the 4th quarter valued at about $173,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.