Zacks Research Downgrades CorMedix (NASDAQ:CRMD) to Strong Sell

CorMedix (NASDAQ:CRMD) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also recently weighed in on CRMD. HC Wainwright reduced their price objective on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, January 23rd. Truist Financial set a $16.00 target price on CorMedix in a report on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. Royal Bank Of Canada set a $13.00 price target on CorMedix and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.86.

CorMedix Price Performance

CRMD stock opened at $7.43 on Tuesday. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43. The firm has a market capitalization of $585.41 million, a P/E ratio of 3.61 and a beta of 1.39. The company has a fifty day simple moving average of $9.60 and a two-hundred day simple moving average of $10.90. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $65.63 million. During the same period in the previous year, the firm posted ($0.05) EPS. The business’s quarterly revenue was up 810.2% on a year-over-year basis. Analysts anticipate that CorMedix will post -0.32 earnings per share for the current fiscal year.

CorMedix announced that its Board of Directors has authorized a stock repurchase program on Monday, February 2nd that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at CorMedix

In other CorMedix news, 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 value of $475,200.00. Following the sale, the director owned 80,498 shares in the company, valued at $956,316.24. This trade represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alan W. Dunton sold 20,000 shares of CorMedix stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total value of $260,000.00. Following the sale, the director 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. The SEC filing for this sale provides additional information. Insiders sold a total of 90,000 shares of company stock worth $1,095,200 in the last quarter. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Deerfield Management Company L.P. bought a new stake in CorMedix during the 3rd quarter valued at about $38,656,000. Marshall Wace LLP increased its position in shares of CorMedix by 1,019.2% during the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after acquiring an additional 2,349,451 shares during the period. UBS Group AG increased its position in shares of CorMedix by 295.3% during the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock worth $12,687,000 after acquiring an additional 814,964 shares during the period. Jump Financial LLC bought a new stake in shares of CorMedix during the third quarter valued at approximately $9,003,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of CorMedix by 259.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company’s stock valued at $9,639,000 after purchasing an additional 597,971 shares during the period. 34.18% of the stock is currently owned by institutional investors.

About CorMedix

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.