CorMedix’s (CRMD) Buy Rating Reiterated at D. Boral Capital

D. Boral Capital reiterated their buy rating on shares of CorMedix (NASDAQ:CRMD) in a research report released on Thursday morning,Benzinga reports. D. Boral Capital currently has a $14.00 price objective on the stock.

A number of other research firms have also issued reports on CRMD. Zacks Research raised CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Royal Bank Of Canada restated an “outperform” rating and issued a $22.00 price objective (up from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. HC Wainwright boosted their target price on shares of CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Wall Street Zen cut CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $18.33.

CorMedix Price Performance

Shares of CRMD opened at $12.02 on Thursday. The company has a market cap of $947.06 million, a P/E ratio of 5.83 and a beta of 1.32. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. 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’s 50 day moving average price is $10.84 and its 200 day moving average price is $11.89.

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 the consensus estimate of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The company’s quarterly revenue was up 810.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. On average, research analysts forecast that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Myron Kaplan bought 25,000 shares of the business’s stock in a transaction dated Thursday, October 23rd. The shares were acquired at an average price of $11.02 per share, for a total transaction of $275,500.00. Following the completion of the transaction, the director owned 201,034 shares of the company’s stock, valued at approximately $2,215,394.68. This trade represents a 14.20% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total value of $475,200.00. Following the completion of the sale, the director directly owned 80,498 shares of the company’s stock, valued at $956,316.24. The trade was a 33.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Several large investors have recently modified their holdings of the company. Comerica Bank increased its holdings in shares of CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company’s stock valued at $31,000 after acquiring an additional 2,205 shares during the period. Canada Pension Plan Investment Board purchased a new position in CorMedix during the 2nd quarter worth $42,000. Caitong International Asset Management Co. Ltd grew its position in CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after purchasing an additional 3,813 shares during the last quarter. USA Financial Formulas acquired a new position in CorMedix in the second quarter valued at $55,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of CorMedix in the third quarter valued at about $54,000. 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.