D Boral Capital Upgrades CorMedix (NASDAQ:CRMD) to "Strong-Buy"

Key Points

• CorMedix (NASDAQ:CRMD) was recently upgraded by D Boral Capital from a "hold" to a "strong-buy" rating, enhancing investor sentiment.
• The company's stock has seen a price increase of 19.4%, opening at $12.16, with a 12-month range between $5.60 and $17.43.
• CorMedix reported a 4830.1% year-over-year revenue growth for the last quarter, achieving $39.74 million compared to a consensus estimate of $29.88 million.

CorMedix (NASDAQ:CRMD - Get Free Report) was upgraded by analysts at D Boral Capital from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

Several other research firms also recently weighed in on CRMD. Zacks Research downgraded shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. HC Wainwright decreased their price target on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of CorMedix in a research report on Wednesday, October 8th. Needham & Company LLC boosted their price objective on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Finally, JMP Securities reiterated a "market outperform" rating and set a $22.00 price objective on shares of CorMedix in a research note on Tuesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $17.86.

CorMedix Trading Up 19.4%

Shares of CRMD stock opened at $12.16 on Monday. CorMedix has a 12 month low of $5.60 and a 12 month high of $17.43. The stock has a market cap of $949.20 million, a P/E ratio of 16.21 and a beta of 1.85. The company has a 50 day simple moving average of $12.23 and a two-hundred day simple moving average of $11.61.

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

Insider Transactions at CorMedix

In other news, insider Kaufman Beth Zelnick sold 50,000 shares of the company's stock in a transaction that occurred 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 sale, the insider directly owned 180,418 shares of the company's stock, valued at $2,419,405.38. This represents a 21.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan W. Dunton sold 10,000 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 40,250 shares in the company, valued at $528,482.50. This trade represents a 19.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,997 shares of company stock valued at $2,163,617 over the last 90 days. Insiders own 5.30% of the company's stock.

Institutional Trading of CorMedix

Several hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. increased 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 purchasing an additional 998 shares during the last quarter. Russell Investments Group Ltd. increased 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 purchasing an additional 1,190 shares during the last quarter. China Universal Asset Management Co. Ltd. increased 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 purchasing an additional 1,451 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased 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 purchasing an additional 1,478 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in CorMedix by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock valued at $222,000 after acquiring an additional 1,631 shares during the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

CorMedix Company Profile

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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