CorMedix Inc. (CRMD) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of CorMedix Inc. (NYSEMKT:CRMD) from a buy rating to a hold rating in a report issued on Friday morning.
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. “
Other research analysts also recently issued reports about the company. Rodman & Renshaw dropped their price objective on CorMedix from $5.00 to $3.00 and set a buy rating on the stock in a research note on Thursday, August 10th. HC Wainwright set a $3.00 price objective on CorMedix and gave the company a buy rating in a research note on Thursday, August 10th.
Shares of CorMedix (NYSEMKT CRMD) opened at 0.489857 on Friday. The company’s market capitalization is $29.01 million. CorMedix has a one year low of $0.32 and a one year high of $3.26. The firm has a 50 day moving average price of $0.41 and a 200 day moving average price of $0.74.
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In other news, Director Myron Kaplan purchased 80,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were acquired 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 in the company, valued at $72,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mehmood Khan purchased 400,000 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average cost of $0.39 per share, for a total transaction of $156,000.00. Following the completion of the purchase, the director now owns 50,000 shares in the company, valued at approximately $19,500. The disclosure for this purchase can be found here. Insiders bought a total of 566,207 shares of company stock worth $220,707 over the last three months.
Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in CorMedix by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock worth $518,000 after purchasing an additional 35,148 shares in the last quarter. Susquehanna International Group LLP increased its holdings in CorMedix by 11,785.4% during the 2nd quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock worth $886,000 after purchasing an additional 2,085,670 shares in the last quarter. Finally, Elliott Management Corp increased its holdings in CorMedix by 177.8% during the 2nd quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock worth $1,785,000 after purchasing an additional 2,666,668 shares in the last quarter.
CorMedix Company Profile
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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