Zacks Investment Research cut shares of CorMedix Inc. (NYSEMKT:CRMD) from a buy rating to a hold rating in a report issued 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 research firms also recently weighed in on CRMD. HC Wainwright set a $3.00 price objective on shares of CorMedix and gave the stock a buy rating in a report on Thursday, August 10th. Rodman & Renshaw reduced their price objective on shares of CorMedix from $5.00 to $3.00 and set a buy rating for the company in a report on Thursday, August 10th.
Shares of CorMedix (NYSEMKT CRMD) opened at 0.6479 on Tuesday. CorMedix has a 1-year low of $0.32 and a 1-year high of $2.91. The firm’s market cap is $38.38 million. The stock has a 50 day moving average of $0.48 and a 200 day moving average of $0.59.
In other CorMedix news, Director Mehmood Khan bought 400,000 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were bought at an average price of $0.39 per share, for a total transaction of $156,000.00. Following the acquisition, the director now directly owns 50,000 shares of the company’s stock, valued at $19,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Myron Kaplan bought 80,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was acquired at an average price of $0.40 per share, for a total transaction of $32,000.00. Following the acquisition, the director now directly owns 180,000 shares in the company, valued at $72,000. The disclosure for this purchase can be found here. Insiders have acquired 566,207 shares of company stock valued at $220,707 over the last ninety days.
A number of institutional investors have recently made changes to their positions in CRMD. Vanguard Group Inc. boosted its position in CorMedix by 3.0% during the second 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 during the period. Susquehanna International Group LLP boosted its position in CorMedix by 11,785.4% during the second 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 during the period. Elliott Management Corp boosted its position in CorMedix by 177.8% during the second 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 during the period. Finally, Sabby Management LLC bought a new stake in CorMedix during 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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