CorMedix (NASDAQ:CRMD) Downgraded to Hold Rating by Zacks Research

Key Points

• CorMedix has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting a shift in analysts' sentiment towards the stock.
• Despite the downgrade, other analysts, including Needham & Company, have raised their price targets for CorMedix, maintaining a "buy" rating with targets up to $20.00.
• CorMedix reported a significant year-over-year revenue increase of 4830.1% for the last quarter, indicating robust business growth despite fluctuating stock ratings.

CorMedix (NASDAQ:CRMD - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

A number of other equities analysts have also issued reports on CRMD. Needham & Company LLC raised their price target on CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. D. Boral Capital cut shares of CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. Wall Street Zen lowered shares of CorMedix from a "strong-buy" rating to a "buy" rating in a report on Friday, October 3rd. Weiss Ratings restated a "hold (c)" rating on shares of CorMedix in a research note on Saturday, September 27th. Finally, JMP Securities restated a "market outperform" rating and issued a $22.00 target price on shares of CorMedix in a research report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, CorMedix has an average rating of "Moderate Buy" and a consensus target price of $18.00.

CorMedix Stock Performance

NASDAQ CRMD opened at $11.09 on Monday. The stock has a 50-day simple moving average of $12.33 and a two-hundred day simple moving average of $11.34. The firm has a market capitalization of $865.69 million, a P/E ratio of 14.79 and a beta of 1.85. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.28 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 analyst estimates of $29.88 million. During the same period in the previous year, the business earned ($0.25) EPS. CorMedix's quarterly revenue was up 4830.1% on a year-over-year basis. As a group, analysts forecast that CorMedix will post -0.32 earnings per share for the current year.

Insider Buying and Selling at CorMedix

In other news, Director Alan W. Dunton sold 10,000 shares of CorMedix stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.13, for a total transaction of $131,300.00. Following the completion of the sale, the director owned 40,250 shares in the company, valued at $528,482.50. The trade was a 19.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of CorMedix stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total transaction of $537,862.68. Following the completion of the transaction, the chief operating officer directly owned 176,990 shares in the company, valued at approximately $2,315,029.20. The trade was a 18.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,997 shares of company stock worth $2,163,617 in the last 90 days. Corporate insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. boosted its position in shares of CorMedix by 17.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company's stock valued at $81,000 after acquiring an additional 998 shares during the last quarter. Bank of America Corp DE boosted its position in shares of CorMedix by 1.9% during the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock valued at $487,000 after acquiring an additional 1,124 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of CorMedix by 22.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock valued at $81,000 after acquiring an additional 1,190 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of CorMedix by 11.9% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company's stock valued at $168,000 after acquiring an additional 1,451 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of CorMedix by 5.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company's stock valued at $338,000 after acquiring an additional 1,478 shares during the last quarter. Institutional investors and hedge funds own 34.18% of the company's stock.

About CorMedix

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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