CorMedix (NASDAQ:CRMD) to Repurchase $75.00 million in Stock

CorMedix (NASDAQ:CRMD) declared that its board has authorized a share buyback plan on Monday, February 2nd, RTT News reports. The company plans to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

CorMedix Stock Up 5.3%

Shares of CRMD traded up $0.41 during trading hours on Monday, reaching $8.17. The company’s stock had a trading volume of 3,483,801 shares, compared to its average volume of 4,083,835. The company has a 50 day moving average of $9.90 and a two-hundred day moving average of $11.07. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39. The firm has a market cap of $643.71 million, a price-to-earnings ratio of 3.97 and a beta of 1.39. CorMedix has a 1-year low of $5.60 and a 1-year high of $17.43.

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

Analysts Set New Price Targets

CRMD has been the topic of several recent analyst reports. Zacks Research downgraded CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Needham & Company LLC cut their price target on shares of CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Wall Street Zen downgraded shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, D. Boral Capital reissued a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $15.86.

Insider Buying and Selling at CorMedix

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director owned 80,498 shares of the company’s stock, valued at approximately $956,316.24. The trade was a 33.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alan W. Dunton sold 20,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director owned 40,250 shares in the company, valued at $523,250. This represents a 33.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 90,000 shares of company stock valued at $1,095,200 in the last quarter. Company insiders own 3.10% 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.