Wall Street Zen Downgrades CorMedix (NASDAQ:CRMD) to Buy

Key Points

• CorMedix has been downgraded by Wall Street Zen from a "strong-buy" to a "buy" rating, amid mixed reviews from other analysts.
• The company reported strong quarterly earnings, exceeding analysts' estimates with a 4830.1% increase in revenue year-over-year, totaling $39.74 million.
• Insider transactions show significant stock sales, with CEO Joseph Todisco selling 50,000 shares, reflecting a 8.94% decrease in his ownership.

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

Several other analysts have also issued reports on CRMD. Weiss Ratings restated a "hold (c)" rating on shares of CorMedix in a research report on Wednesday. JMP Securities restated a "market outperform" rating and set a $22.00 target price on shares of CorMedix in a research report on Tuesday, September 9th. HC Wainwright cut their target price on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a research report on Friday, August 8th. D Boral Capital lowered shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. Finally, Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their target price for the company from $13.00 to $17.00 in a research report on Friday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, CorMedix currently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

CorMedix Price Performance

CorMedix stock opened at $10.73 on Friday. The stock has a market capitalization of $837.58 million, a PE ratio of 14.31 and a beta of 1.85. The business's fifty day moving average is $12.30 and its 200 day moving average is $11.36. CorMedix has a one year low of $5.60 and a one year high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating 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 business had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same period in the previous year, the company posted ($0.25) EPS. The business's quarterly revenue was up 4830.1% compared to the same quarter last year. As a group, sell-side analysts expect that CorMedix will post -0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joseph Todisco sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The stock was 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 of the company's stock, valued at approximately $6,623,448. The trade was a 8.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of the business's stock in a transaction that occurred on 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 represents a 18.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,997 shares of company stock valued at $2,163,617 in the last 90 days. 5.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRMD. Canada Pension Plan Investment Board purchased a new position in CorMedix in the 2nd quarter worth approximately $42,000. SBI Securities Co. Ltd. lifted its holdings in CorMedix by 699.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after purchasing an additional 7,599 shares in the last quarter. USA Financial Formulas purchased a new position in CorMedix in the 2nd quarter worth approximately $55,000. Essex Financial Services Inc. purchased a new position in CorMedix in the 1st quarter worth approximately $63,000. Finally, EntryPoint Capital LLC bought a new stake in CorMedix in the 1st quarter worth approximately $66,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

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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