CorMedix (CRMD) Given Buy Rating at HC Wainwright
CorMedix (NYSEAMERICAN:CRMD)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research report issued on Friday. They currently have a $3.50 price target on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 84.21% from the stock’s previous close.
The analysts wrote, “We derive a value of $470M for Neutrolin using a 12% discount rate and 90% probability of success, along with a 23% effective tax rate, or a price per share of $3.50, taking into account $150M from additional value drivers (ex-U.S. sales, taurolidine gel formulation, and future medical device applications)—up from the prior $120M—and ~141M fully-diluted shares outstanding—including issuance of about 35M more shares due to warrant exercises and further stock issuances—as of end-2019. Our valuation of Neutrolin has risen to $350M from the previous $300M, based on higher peak sales potential.””
Several other research firms have also recently weighed in on CRMD. Zacks Investment Research cut CorMedix from a “hold” rating to a “sell” rating in a report on Monday, October 1st. Roth Capital started coverage on CorMedix in a report on Thursday, December 6th. They issued a “buy” rating and a $6.00 price target on the stock.
CorMedix (NYSEAMERICAN:CRMD) last issued its quarterly earnings data on Wednesday, November 14th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The company had revenue of $0.37 million during the quarter, compared to analyst estimates of $0.05 million.
In related news, CFO Robert W. Cook purchased 25,000 shares of CorMedix stock in a transaction that occurred on Tuesday, November 27th. The shares were acquired at an average cost of $1.17 per share, for a total transaction of $29,250.00. Following the transaction, the chief financial officer now directly owns 127,083 shares in the company, valued at $148,687.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Myron Kaplan purchased 50,000 shares of CorMedix stock in a transaction that occurred on Friday, November 23rd. The shares were bought at an average price of $1.30 per share, for a total transaction of $65,000.00. Following the completion of the transaction, the director now owns 371,166 shares in the company, valued at $482,515.80. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 478,500 shares of company stock worth $658,730.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC grew its position in shares of CorMedix by 11.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 78,890 shares of the biotechnology company’s stock worth $101,000 after buying an additional 8,000 shares during the last quarter. Virtu Financial LLC grew its position in shares of CorMedix by 109.7% in the 3rd quarter. Virtu Financial LLC now owns 394,051 shares of the biotechnology company’s stock worth $382,000 after buying an additional 206,099 shares during the last quarter. EAM Investors LLC bought a new stake in shares of CorMedix in the 3rd quarter worth approximately $701,000. Vanguard Group Inc. grew its position in shares of CorMedix by 49.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,673,113 shares of the biotechnology company’s stock worth $2,589,000 after buying an additional 886,894 shares during the last quarter. Finally, Vanguard Group Inc grew its position in shares of CorMedix by 49.7% in the 3rd quarter. Vanguard Group Inc now owns 2,673,113 shares of the biotechnology company’s stock worth $2,589,000 after buying an additional 886,894 shares during the last quarter.
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 and internationally. Its primary focus is on the development of its lead product candidate, Neutrolin, an anti-infective solution for the reduction and prevention of catheter-related infections and thrombosis in patients requiring central venous catheters in clinical settings, such as dialysis, critical/intensive care, and oncology.
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