CorMedix Inc (NASDAQ:CRMD) Receives Average Rating of “Moderate Buy” from Brokerages

CorMedix Inc (NASDAQ:CRMD) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $15.00.

A number of research firms have recently weighed in on CRMD. Leerink Partners restated an “outperform” rating and issued a $13.00 price target on shares of CorMedix in a research note on Friday, March 6th. Royal Bank Of Canada set a $13.00 price objective on shares of CorMedix and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Zacks Research downgraded shares of CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. HC Wainwright cut their target price on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Finally, Needham & Company LLC decreased their target price on shares of CorMedix from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th.

CorMedix Price Performance

Shares of CRMD stock opened at $6.42 on Tuesday. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. CorMedix has a twelve month low of $5.60 and a twelve month high of $17.43. The company has a market cap of $507.50 million, a P/E ratio of 3.21 and a beta of 1.31. The business has a fifty day simple moving average of $7.12 and a 200 day simple moving average of $9.73.

CorMedix (NASDAQ:CRMD) last released its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.70). The business had revenue of $128.62 million during the quarter, compared to the consensus estimate of $127.02 million. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The business’s revenue was up 312.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.22 EPS. On average, sell-side analysts forecast that CorMedix will post -0.32 EPS for the current fiscal year.

CorMedix declared that its Board of Directors has approved a share buyback plan on Monday, February 2nd that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at CorMedix

In related news, Director Alan W. Dunton sold 20,000 shares of the business’s stock in a transaction 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 sale, the director owned 40,250 shares in the company, valued at $523,250. The trade was a 33.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of CorMedix

A number of hedge funds have recently made changes to their positions in CRMD. Pacer Advisors Inc. bought a new position in CorMedix in the 4th quarter valued at approximately $2,953,000. State of Tennessee Department of Treasury bought a new stake in CorMedix during the 4th quarter worth approximately $223,000. Empowered Funds LLC bought a new stake in CorMedix during the 4th quarter worth approximately $1,534,000. VARCOV Co. acquired a new position in CorMedix in the 4th quarter valued at approximately $1,987,000. Finally, Inspire Investing LLC bought a new position in shares of CorMedix during the fourth quarter valued at $1,247,000. 34.18% of the stock is owned by institutional investors and hedge funds.

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.