CorMedix (NASDAQ:CRMD) to Repurchase $75.00 million in Outstanding Shares

CorMedix (NASDAQ:CRMD) announced that its board has authorized a stock buyback plan on Monday, February 2nd, RTT News reports. The company plans to repurchase $75.00 million in shares. This repurchase authorization permits the company to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

CorMedix Trading Up 5.3%

NASDAQ CRMD traded up $0.41 during trading hours on Monday, hitting $8.17. 3,483,801 shares of the company’s stock were exchanged, compared to its average volume of 4,083,835. CorMedix has a 12-month low of $5.60 and a 12-month high of $17.43. The business’s 50 day moving average is $9.90 and its 200-day moving average is $11.07. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. The firm has a market capitalization of $643.71 million, a P/E ratio of 3.97 and a beta of 1.39.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.78. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The business had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same quarter in the previous year, the business earned ($0.05) EPS. The company’s revenue for the quarter was up 810.2% on a year-over-year basis. As a group, analysts anticipate that CorMedix will post -0.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRMD. Zacks Research cut CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. D. Boral Capital reaffirmed a “buy” rating and set a $14.00 price target on shares of CorMedix in a research note on Thursday, January 8th. D Boral Capital upgraded shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, HC Wainwright decreased their price objective on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $15.86.

Insiders Place Their Bets

In other CorMedix news, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total transaction of $475,200.00. Following the sale, the director directly owned 80,498 shares in the company, valued at $956,316.24. The trade was a 33.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $12.00, for a total value of $360,000.00. Following the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,000 shares of company stock worth $1,095,200 in the last quarter. 3.10% of the stock is owned by corporate insiders.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.