Zacks Investment Research upgraded shares of CorMedix Inc. (NYSEMKT:CRMD) from a hold rating to a buy rating in a research note published on Monday. Zacks Investment Research currently has $3.25 target price on the stock.
According to Zacks, “CorMedix Inc. is a development-stage pharmaceutical company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and renal dysfunction, also known as cardiorenal disease. CorMedix’s goal is to treat kidney disease by reducing the commonly associated cardiovascular and metabolic complications. The Company’s therapeutic candidates for cardiorenal disease may be small molecules, biologicals, devices and/or diagnostics (tests) that enable therapy. Its product pipeline includes: CRMD001, a unique formulation Deferiprone which is in development to prevent Contrast-Induced Acute Kidney Injury and to slow progression of Chronic Kidney Disease; CRMD002, a diagnostic test for urinary labile iron; CRMD003 (Neutrolin®, an antimicrobial/anticoagulant solution) is in development to prevent Catheter Related Bloodstream Infection; CRMD004, a pressure sensitive gel which has many uses, including extending the benefits of Neutrolin®. CorMedix Inc. is based in Summit, New Jersey. “
CorMedix (NYSEMKT:CRMD) opened at 2.54 on Monday. CorMedix has a 52 week low of $1.15 and a 52 week high of $4.54. The company’s market capitalization is $94.45 million. The company’s 50-day moving average price is $2.37 and its 200 day moving average price is $2.48.
CorMedix (NYSEMKT:CRMD) last posted its quarterly earnings results on Friday, August 5th. The company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.11) by $0.02. The firm earned $16.51 million during the quarter, compared to the consensus estimate of $119.97 million. On average, equities research analysts anticipate that CorMedix will post ($0.57) EPS for the current year.
In related news, Director Taunia Markvicka acquired 18,600 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were acquired at an average cost of $1.65 per share, with a total value of $30,690.00. Following the purchase, the director now owns 22,600 shares of the company’s stock, valued at $37,290. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Janet Dillione acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was bought at an average cost of $2.66 per share, for a total transaction of $39,900.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $39,900. The disclosure for this purchase can be found here.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Paloma Partners Management Co increased its position in shares of CorMedix by 746.1% in the second quarter. Paloma Partners Management Co now owns 132,864 shares of the company’s stock worth $264,000 after buying an additional 117,160 shares during the last quarter. State Street Corp increased its position in shares of CorMedix by 12.9% in the first quarter. State Street Corp now owns 306,129 shares of the company’s stock worth $809,000 after buying an additional 34,949 shares during the last quarter. Private Advisor Group LLC increased its position in shares of CorMedix by 14.2% in the second quarter. Private Advisor Group LLC now owns 108,333 shares of the company’s stock worth $195,000 after buying an additional 13,500 shares during the last quarter. Vanguard Group Inc. increased its position in shares of CorMedix by 0.7% in the second quarter. Vanguard Group Inc. now owns 1,112,569 shares of the company’s stock worth $2,214,000 after buying an additional 7,519 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of CorMedix by 10.4% in the first quarter. Franklin Resources Inc. now owns 63,301 shares of the company’s stock worth $168,000 after buying an additional 5,946 shares during the last quarter.
CorMedix Inc is a commercial pharmaceutical and medical device company. The Company in-licenses, develops and commercializes prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company has in-licensed the rights to develop and commercialize its product candidate, CRMD003 (Neutrolin), which addresses market opportunities in the instances in which a central venous catheter is used, such as hemodialysis, intensive care units, oncology, and patients receiving total parenteral nutrition, intravenous (IV) hydration, and/or IV medications.
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