Wall Street Zen Upgrades CorMedix (NASDAQ:CRMD) to "Strong-Buy"

Key Points

• CorMedix's stock rating was upgraded from "buy" to "strong-buy" by Wall Street Zen, reflecting increased analyst confidence.
• The company reported record revenue of $39.74 million for the last quarter, significantly exceeding analysts' expectations.
• Insider selling was noted, with COO Elizabeth Hurlburt and CEO Joseph Todisco each selling substantial shares, indicating a decrease in their ownership stakes in the company.

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

CRMD has been the topic of a number of other reports. HC Wainwright lowered their price target on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Friday, August 8th. D. Boral Capital lowered shares of CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. Needham & Company LLC boosted their price target on shares of CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and upped their target price for the stock from $13.00 to $17.00 in a report on Friday, June 20th. Finally, D Boral Capital cut shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $18.00.

CorMedix Stock Performance

CRMD stock traded up $0.57 during mid-day trading on Friday, reaching $11.69. 3,105,939 shares of the stock traded hands, compared to its average volume of 4,470,003. CorMedix has a one year low of $5.60 and a one year high of $17.43. The stock has a market capitalization of $912.52 million, a PE ratio of 15.59 and a beta of 1.76. The business has a 50-day moving average price of $12.34 and a two-hundred day moving average price of $11.26.

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

Insider Activity at CorMedix

In other CorMedix news, insider Kaufman Beth Zelnick sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $13.41, for a total value of $670,500.00. Following the completion of the sale, the insider owned 180,418 shares of the company's stock, valued at $2,419,405.38. This trade represents a 21.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph Todisco sold 50,000 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 509,496 shares in the company, valued at $6,623,448. This trade represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,997 shares of company stock valued at $2,163,617. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board bought a new stake in CorMedix in the second quarter valued at about $42,000. USA Financial Formulas acquired a new position in shares of CorMedix during the 2nd quarter worth $55,000. Russell Investments Group Ltd. grew its position in CorMedix by 22.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock worth $81,000 after acquiring an additional 1,190 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in CorMedix by 17.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company's stock worth $81,000 after acquiring an additional 998 shares during the last quarter. Finally, NewEdge Advisors LLC bought a new stake in shares of CorMedix in the 2nd quarter valued at about $92,000. 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.