CorMedix's (CRMD) Hold (C) Rating Reaffirmed at Weiss Ratings

Key Points

• CorMedix's stock has maintained a "Hold (C)" rating as reaffirmed by Weiss Ratings, amid various downgrades from other analysts.
• The company's stock is currently trading at $11.27, up 1.6%, with a year-high of $17.43 and average price target estimates around $18.00.
• CorMedix reported $0.28 EPS in its latest earnings, exceeding expectations significantly with revenues up 4830.1% year-over-year.

CorMedix (NASDAQ:CRMD - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

CRMD has been the topic of a number of other research reports. Wall Street Zen downgraded CorMedix from a "strong-buy" rating to a "buy" rating in a report on Friday, October 3rd. D Boral Capital downgraded CorMedix from a "strong-buy" rating to a "hold" rating in a report on Monday, June 30th. D. Boral Capital downgraded CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. HC Wainwright cut their price target on CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, JMP Securities reissued a "market outperform" rating and issued a $22.00 price target on shares of CorMedix in a report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.00.

CorMedix Trading Up 1.6%

NASDAQ CRMD traded up $0.18 during mid-day trading on Wednesday, reaching $11.27. 1,573,936 shares of the company's stock traded hands, compared to its average volume of 2,716,373. CorMedix has a 1-year low of $5.60 and a 1-year high of $17.43. The company has a fifty day simple moving average of $12.33 and a 200-day simple moving average of $11.34. The company has a market cap of $879.74 million, a price-to-earnings ratio of 15.03 and a beta of 1.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $29.88 million. During the same quarter last year, the business posted ($0.25) EPS. CorMedix's quarterly revenue was up 4830.1% compared to the same quarter last year. Equities research analysts forecast that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insider Transactions at CorMedix

In other news, insider Kaufman Beth Zelnick sold 50,000 shares of CorMedix stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $13.41, for a total transaction of $670,500.00. Following the transaction, the insider directly owned 180,418 shares in the company, valued at approximately $2,419,405.38. This trade represents a 21.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan W. Dunton sold 10,000 shares of CorMedix stock in a transaction on Friday, September 12th. The stock was sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the transaction, the director owned 40,250 shares in the company, valued at $528,482.50. The trade was a 19.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 163,997 shares of company stock valued at $2,163,617 in the last quarter. Company insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently modified their holdings of CRMD. Bank of America Corp DE grew its holdings in shares of CorMedix by 1.9% in the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock worth $487,000 after acquiring an additional 1,124 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of CorMedix by 19.7% in the fourth quarter. Two Sigma Investments LP now owns 31,489 shares of the company's stock worth $255,000 after buying an additional 5,189 shares during the period. Rhumbline Advisers boosted its position in shares of CorMedix by 7.7% in the first quarter. Rhumbline Advisers now owns 81,565 shares of the company's stock worth $502,000 after buying an additional 5,818 shares during the period. Palumbo Wealth Management LLC boosted its position in shares of CorMedix by 53.7% in the first quarter. Palumbo Wealth Management LLC now owns 46,598 shares of the company's stock worth $287,000 after buying an additional 16,272 shares during the period. Finally, Essex Financial Services Inc. acquired a new stake in shares of CorMedix in the first quarter worth $63,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

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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