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

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating restated by investment analysts at D. Boral Capital in a research note issued on Wednesday,Benzinga reports. They presently have a $14.00 price objective on the stock. D. Boral Capital’s target price indicates a potential upside of 82.05% from the stock’s previous close.

Several other equities analysts also recently commented on the company. Royal Bank Of Canada set a $13.00 price objective on CorMedix and gave the company an “outperform” rating in a research note on Wednesday, January 21st. HC Wainwright dropped their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, January 23rd. Wall Street Zen lowered shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Zacks Research lowered CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Needham & Company LLC decreased 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. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and a consensus target price of $15.86.

CorMedix Stock Up 1.5%

CRMD stock opened at $7.69 on Wednesday. The business’s fifty day moving average price is $9.66 and its two-hundred day moving average price is $10.92. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The stock has a market capitalization of $605.90 million, a price-to-earnings ratio of 3.73 and a beta of 1.39. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.94 and a quick ratio of 1.73.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.78. The company had revenue of $104.28 million for the quarter, compared to analyst estimates of $65.63 million. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.CorMedix’s quarterly revenue was up 810.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. On average, equities analysts anticipate that CorMedix will post -0.32 earnings per share for the current year.

CorMedix declared that its board has initiated a stock repurchase program on Monday, February 2nd that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Alan W. Dunton sold 20,000 shares of the stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the sale, the director directly owned 40,250 shares of the company’s stock, valued at approximately $523,250. This represents a 33.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total transaction of $475,200.00. Following the completion of the transaction, the director directly owned 80,498 shares of the company’s stock, valued at $956,316.24. This trade represents a 33.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 90,000 shares of company stock worth $1,095,200 in the last quarter. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CorMedix

A number of institutional investors and hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. bought a new stake in CorMedix in the 4th quarter valued at $25,000. Comerica Bank grew its holdings in shares of CorMedix by 454.6% during the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock valued at $31,000 after buying an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in CorMedix during the 2nd quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd boosted its holdings in CorMedix by 666.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after purchasing an additional 3,813 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of CorMedix in the third quarter worth about $54,000. Institutional investors own 34.18% of the company’s stock.

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.