CorMedix (NASDAQ:CRMD) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• CorMedix has been downgraded from a "strong-buy" rating to a "buy" rating by Wall Street Zen, indicating a shift in analyst sentiment.
• The company's stock price is currently $11.34, with a consensus price target of $18.00 and a market capitalization of $885.20 million.
• CorMedix reported a significant increase in revenue, with a 4830.1% rise compared to the same quarter last year, reaching $39.74 million during the recent earnings announcement.

CorMedix (NASDAQ:CRMD - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Friday.

Other research analysts also recently issued reports about the company. D. Boral Capital downgraded CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. HC Wainwright decreased their price objective on CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a report on Friday, August 8th. JMP Securities reiterated a "market outperform" rating and set a $22.00 price objective on shares of CorMedix in a report on Tuesday, September 9th. D Boral Capital downgraded CorMedix from a "strong-buy" rating to a "hold" rating in a report on Monday, June 30th. Finally, Needham & Company LLC increased their price objective on CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

CorMedix Price Performance

Shares of CorMedix stock traded up $0.29 during trading hours on Friday, hitting $11.34. The company's stock had a trading volume of 2,101,947 shares, compared to its average volume of 3,109,947. CorMedix has a 12 month low of $5.60 and a 12 month high of $17.43. The stock has a 50 day moving average of $12.35 and a 200 day moving average of $11.33. The company has a market capitalization of $885.20 million, a PE ratio of 15.12 and a beta of 1.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.08. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The company had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same period in the prior year, the company earned ($0.25) earnings per share. The company's revenue for the quarter was up 4830.1% compared to the same quarter last year. Equities analysts expect that CorMedix will post -0.32 EPS for the current year.

Insider Buying and Selling

In other CorMedix news, COO Elizabeth Hurlburt sold 41,121 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.08, for a total value of $537,862.68. Following the completion of the transaction, the chief operating officer directly owned 176,990 shares in the company, valued at $2,315,029.20. This trade represents a 18.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph Todisco sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.00, for a total value of $650,000.00. Following the completion of the sale, the chief executive officer directly owned 509,496 shares of the company's stock, valued at approximately $6,623,448. The trade was a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,997 shares of company stock valued at $2,163,617 in the last ninety days. 5.30% of the stock is owned by company insiders.

Institutional Trading of CorMedix

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of CorMedix by 7.9% in the first quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company's stock valued at $22,463,000 after buying an additional 268,360 shares during the last quarter. Marshall Wace LLP lifted its position in shares of CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock valued at $31,785,000 after buying an additional 2,349,451 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of CorMedix by 11.4% in the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company's stock valued at $19,669,000 after buying an additional 163,403 shares during the last quarter. Palisades Investment Partners LLC lifted its position in shares of CorMedix by 56.7% in the second quarter. Palisades Investment Partners LLC now owns 562,527 shares of the company's stock valued at $6,930,000 after buying an additional 203,557 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its position in shares of CorMedix by 18.8% in the second quarter. Kennedy Capital Management LLC now owns 480,178 shares of the company's stock valued at $5,916,000 after buying an additional 75,947 shares during the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Company Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.

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