CorMedix Inc. (NYSEMKT:CRMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “CorMedix Inc. is a development-stage pharmaceutical company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and renal dysfunction, also known as cardiorenal disease. CorMedix’s goal is to treat kidney disease by reducing the commonly associated cardiovascular and metabolic complications. The Company’s therapeutic candidates for cardiorenal disease may be small molecules, biologicals, devices and/or diagnostics (tests) that enable therapy. Its product pipeline includes: CRMD001, a unique formulation Deferiprone which is in development to prevent Contrast-Induced Acute Kidney Injury and to slow progression of Chronic Kidney Disease; CRMD002, a diagnostic test for urinary labile iron; CRMD003 (Neutrolin®, an antimicrobial/anticoagulant solution) is in development to prevent Catheter Related Bloodstream Infection; CRMD004, a pressure sensitive gel which has many uses, including extending the benefits of Neutrolin®. CorMedix Inc. is based in Summit, New Jersey. “
Several other equities research analysts have also recently weighed in on CRMD. HC Wainwright set a $3.00 price target on CorMedix and gave the company a “buy” rating in a research report on Thursday, August 10th. Rodman & Renshaw decreased their price target on CorMedix from $5.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th.
Shares of CorMedix (NYSEMKT CRMD) traded up 4.3149% during midday trading on Tuesday, reaching $0.6479. 2,059,883 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $0.48 and a 200 day moving average price of $0.59. The company’s market cap is $38.38 million. CorMedix has a 12 month low of $0.32 and a 12 month high of $2.91.
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In other news, Director Mehmood Khan bought 400,000 shares of the business’s stock in a transaction on Friday, August 18th. The stock was acquired at an average price of $0.39 per share, with a total value of $156,000.00. Following the completion of the purchase, the director now directly owns 50,000 shares in the company, valued at $19,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Myron Kaplan bought 80,000 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was purchased at an average cost of $0.40 per share, with a total value of $32,000.00. Following the purchase, the director now owns 180,000 shares of the company’s stock, valued at $72,000. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 566,207 shares of company stock worth $220,707.
A number of institutional investors and hedge funds have recently modified their holdings of CRMD. Vanguard Group Inc. boosted its stake in CorMedix by 3.0% in the second quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock worth $518,000 after buying an additional 35,148 shares in the last quarter. Elliott Management Corp boosted its stake in CorMedix by 177.8% in the second quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock worth $1,785,000 after buying an additional 2,666,668 shares in the last quarter. Susquehanna International Group LLP boosted its stake in CorMedix by 11,785.4% in the second quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock worth $886,000 after buying an additional 2,085,670 shares in the last quarter. Finally, Sabby Management LLC purchased a new stake in CorMedix in the second quarter worth approximately $1,818,000.
CorMedix Inc is a commercial pharmaceutical and medical device company. The Company in-licenses, develops and commercializes prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company has in-licensed the rights to develop and commercialize its product candidate, CRMD003 (Neutrolin), which addresses market opportunities in the instances in which a central venous catheter is used, such as hemodialysis, intensive care units, oncology, and patients receiving total parenteral nutrition, intravenous (IV) hydration, and/or IV medications.
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