CorMedix (NASDAQ:CRMD) Earns Buy Rating from D. Boral Capital

Key Points

• D. Boral Capital reiterated a Buy rating on CorMedix with a $14.00 target—implying roughly an 88.68% upside—and the street consensus sits at a Moderate Buy with an average price target of $15.00 (six Buy, one Hold, one Sell).
• CorMedix's latest quarter showed a meaningful earnings miss (EPS $0.16 vs. $0.86 est.) despite revenue of $128.62M slightly topping estimates and year-over-year revenue growth of about 312%, with high reported margins and ROE.
• The company’s board approved a $75 million share repurchase program to buy up to ~12.3% of outstanding shares, a signal the board views the stock as undervalued.

CorMedix (NASDAQ:CRMD - Get Free Report)'s stock had its "buy" rating restated by research analysts at D. Boral Capital in a report released on Monday,Benzinga reports. They currently have a $14.00 target price on the stock. D. Boral Capital's target price suggests a potential upside of 88.68% from the company's previous close.

Other research analysts have also issued reports about the company. HC Wainwright dropped their price target on CorMedix from $18.00 to $13.00 and set a "buy" rating on the stock in a research report on Friday, January 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of CorMedix in a report on Wednesday, January 21st. Truist Financial set a $16.00 price objective on shares of CorMedix in a research report on Thursday, January 8th. Leerink Partners reissued an "outperform" rating and issued a $13.00 price target on shares of CorMedix in a research note on Friday, March 6th. Finally, Royal Bank Of Canada set a $13.00 target price on shares of CorMedix and gave the company an "outperform" rating in a research note on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CorMedix presently has an average rating of "Moderate Buy" and an average price target of $15.00.

CorMedix Stock Performance

NASDAQ:CRMD opened at $7.42 on Monday. The stock has a fifty day simple moving average of $6.95 and a 200 day simple moving average of $8.94. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $586.55 million, a price-to-earnings ratio of 3.71 and a beta of 1.41. CorMedix has a 1-year low of $6.13 and a 1-year high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.70). The firm had revenue of $128.62 million during the quarter, compared to analyst estimates of $127.02 million. CorMedix had a return on equity of 52.30% and a net margin of 52.31%.The business's quarterly revenue was up 312.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.22 earnings per share. Sell-side analysts forecast that CorMedix will post 0.67 earnings per share for the current year.

CorMedix announced that its board has initiated a stock repurchase program on Monday, February 2nd that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On CorMedix

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. Pacer Advisors Inc. bought a new stake in shares of CorMedix during the fourth quarter valued at approximately $2,953,000. State of Tennessee Department of Treasury bought a new position in shares of CorMedix during the 4th quarter worth approximately $223,000. Empowered Funds LLC acquired a new stake in CorMedix in the 4th quarter valued at $1,534,000. VARCOV Co. bought a new stake in CorMedix in the fourth quarter valued at $1,987,000. Finally, Inspire Investing LLC acquired a new position in CorMedix during the fourth quarter worth $1,247,000. 34.18% of the stock is currently owned by institutional investors.

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.

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