CorMedix Inc (NASDAQ:CRMD) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of CorMedix Inc (NASDAQ:CRMD) have received an average recommendation of “Moderate Buy” from the eight research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $15.8571.

CRMD has been the subject of a number of research analyst reports. D. Boral Capital reiterated a “buy” rating and issued a $14.00 price target on shares of CorMedix in a research note on Wednesday, February 11th. Royal Bank Of Canada set a $13.00 price objective on shares of CorMedix and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, January 21st. Finally, HC Wainwright dropped their price objective 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.

CorMedix Stock Performance

Shares of CRMD opened at $7.08 on Friday. CorMedix has a 12 month low of $5.60 and a 12 month high of $17.43. The stock has a fifty day moving average price of $9.13 and a 200-day moving average price of $10.72. 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 firm has a market cap of $557.83 million, a PE ratio of 3.44 and a beta of 1.39.

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

Insider Activity

In other news, CEO Joseph Todisco sold 30,000 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $12.00, for a total value of $360,000.00. Following the sale, the chief executive officer owned 509,496 shares in the company, valued at $6,113,952. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total value of $475,200.00. Following the transaction, the director owned 80,498 shares of the company’s stock, valued at approximately $956,316.24. This represents a 33.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,000 shares of company stock valued at $1,095,200 in the last ninety days. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently bought and sold shares of CRMD. Marshall Wace LLP increased its stake in shares of CorMedix by 1,019.2% in the 2nd 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 last quarter. Hussman Strategic Advisors Inc. boosted its position in shares of CorMedix by 400.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 315,000 shares of the company’s stock valued at $3,663,000 after acquiring an additional 252,000 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of CorMedix in the third quarter valued at about $1,515,000. Geode Capital Management LLC increased its position in CorMedix by 11.4% during the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock worth $19,669,000 after purchasing an additional 163,403 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in CorMedix by 93.5% during the second quarter. New York State Common Retirement Fund now owns 297,463 shares of the company’s stock worth $3,665,000 after purchasing an additional 143,700 shares during the last quarter. 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.