CorMedix (NASDAQ:CRMD) Upgraded to "Buy" at D. Boral Capital

Key Points

• CorMedix has been upgraded from a "hold" rating to a "buy" rating by D. Boral Capital, with a target price of $14.00, indicating a potential upside of 37.52% from its last close.
• The stock has experienced fluctuations, with a 12-month low of $5.60 and a high of $17.43, while currently trading up by 1.0% at $10.18.
• CorMedix reported a significant increase in quarterly revenue, up by 4830.1% year-over-year, achieving $39.74 million and an EPS of $0.28, exceeding analyst expectations.

CorMedix (NASDAQ:CRMD - Get Free Report) was upgraded by D. Boral Capital from a "hold" rating to a "buy" rating in a report released on Monday, Marketbeat.com reports. The brokerage presently has a $14.00 target price on the stock. D. Boral Capital's target price points to a potential upside of 37.52% from the stock's previous close.

CRMD has been the topic of several other research reports. HC Wainwright decreased their price objective on CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Zacks Research lowered CorMedix from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Needham & Company LLC upped 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. Wall Street Zen downgraded shares of CorMedix from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 11th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of CorMedix in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, CorMedix presently has an average rating of "Moderate Buy" and an average target price of $17.86.

CorMedix Trading Up 1.0%

Shares of CRMD opened at $10.18 on Monday. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43. The company has a 50-day moving average of $12.19 and a two-hundred day moving average of $11.57. The stock has a market cap of $794.65 million, a P/E ratio of 13.57 and a beta of 1.85.

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, beating analysts' consensus estimates of $0.20 by $0.08. The business had revenue of $39.74 million for the quarter, compared to analyst estimates of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The business's revenue for the quarter was up 4830.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.25) earnings per share. As a group, analysts forecast that CorMedix will post -0.32 EPS for the current fiscal year.

Insider Activity at CorMedix

In related news, COO Elizabeth Hurlburt sold 41,121 shares of CorMedix stock in a transaction dated 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 approximately $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 accessible through this link. Also, CEO Joseph Todisco sold 50,000 shares of the company'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 sale, the chief executive officer owned 509,496 shares in the company, valued at $6,623,448. The trade was a 8.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,997 shares of company stock worth $2,163,617. Company insiders own 5.30% of the company's stock.

Institutional Trading of CorMedix

Several institutional investors have recently added to or reduced their stakes in CRMD. Ameritas Investment Partners Inc. grew its position in shares of CorMedix by 17.9% during the second 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. Russell Investments Group Ltd. boosted its stake in 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 purchasing an additional 1,190 shares during the period. China Universal Asset Management Co. Ltd. grew its position in CorMedix by 11.9% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company's stock worth $168,000 after purchasing an additional 1,451 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of CorMedix by 5.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company's stock valued at $338,000 after purchasing an additional 1,478 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CorMedix by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock valued at $222,000 after buying an additional 1,631 shares during the last quarter. Institutional investors 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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