CorMedix’s (CRMD) Buy Rating Reaffirmed at D. Boral Capital

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating restated by investment analysts at D. Boral Capital in a report released on Thursday,Benzinga reports. They currently have a $14.00 target price on the stock. D. Boral Capital’s target price points to a potential upside of 91.39% from the stock’s previous close.

Several other research firms also recently issued reports on CRMD. Needham & Company LLC lowered their price objective on CorMedix from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. HC Wainwright increased their price target on CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. D Boral Capital raised CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Zacks Research raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $22.00 target price (up previously from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $18.00.

CorMedix Price Performance

CorMedix stock traded down $3.86 during trading hours on Thursday, reaching $7.32. 20,372,871 shares of the stock were exchanged, compared to its average volume of 6,163,388. CorMedix has a twelve month low of $5.60 and a twelve month high of $17.43. The company has a market cap of $576.35 million, a P/E ratio of 3.56 and a beta of 1.36. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average of $11.11 and a two-hundred day moving average of $11.71.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.78. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The firm had revenue of $104.28 million for the quarter, compared to the consensus estimate of $65.63 million. During the same quarter last year, the business posted ($0.05) EPS. The company’s revenue was up 810.2% compared to the same quarter last year. Equities analysts expect that CorMedix will post -0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Myron Kaplan bought 25,000 shares of the company’s stock in a transaction on Thursday, October 23rd. The stock was acquired at an average cost of $11.02 per share, for a total transaction of $275,500.00. Following the completion of the transaction, the director directly owned 201,034 shares in the company, valued at $2,215,394.68. This trade represents a 14.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven W. Lefkowitz sold 40,000 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total transaction of $475,200.00. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold 90,000 shares of company stock valued at $1,095,200 in the last ninety days. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CorMedix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of CorMedix by 6.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock worth $310,000 after buying an additional 1,707 shares in the last quarter. Gryphon Financial Partners LLC purchased a new position in shares of CorMedix during the 4th quarter valued at about $300,000. JPMorgan Chase & Co. lifted its position in shares of CorMedix by 176.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 97,228 shares of the company’s stock valued at $1,131,000 after buying an additional 62,085 shares in the last quarter. Allworth Financial LP lifted its stake in CorMedix by 694.9% in the 3rd quarter. Allworth Financial LP now owns 60,939 shares of the company’s stock worth $709,000 after purchasing an additional 53,273 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in CorMedix during the third quarter worth $576,000. Hedge funds and other institutional investors 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.