Zacks Investment Research upgraded shares of CorMedix (NYSEAMERICAN:CRMD) from a hold rating to a buy rating in a research report released on Thursday, Zacks.com reports. They currently have $7.25 target price on the biotechnology company’s stock.
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 analysts have also recently issued research reports about the stock. HC Wainwright restated a buy rating on shares of CorMedix in a research report on Thursday. Truist started coverage on shares of CorMedix in a research report on Monday, September 21st. They issued a buy rating and a $20.00 price objective for the company. Finally, JMP Securities started coverage on shares of CorMedix in a research report on Tuesday, September 29th. They issued a market outperform rating and a $22.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, CorMedix presently has an average rating of Buy and an average target price of $14.25.
CorMedix (NYSEAMERICAN:CRMD) last issued its earnings results on Thursday, November 5th. The biotechnology company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.04.
In related news, Director Myron Kaplan bought 15,300 shares of CorMedix stock in a transaction that occurred on Wednesday, September 2nd. The stock was purchased at an average cost of $4.27 per share, with a total value of $65,331.00. Following the purchase, the director now owns 150,034 shares in the company, valued at $640,645.18. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders purchased 22,165 shares of company stock valued at $92,814.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its stake in shares of CorMedix by 609.5% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,407 shares of the biotechnology company’s stock worth $39,000 after buying an additional 5,504 shares during the last quarter. Avestar Capital LLC acquired a new position in shares of CorMedix during the 2nd quarter worth about $63,000. State Board of Administration of Florida Retirement System acquired a new position in shares of CorMedix during the 2nd quarter worth about $65,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of CorMedix during the 2nd quarter worth about $74,000. Finally, Two Sigma Advisers LP acquired a new position in shares of CorMedix during the 2nd quarter worth about $87,000.
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. It primarily focuses 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 hemodialysis, critical/intensive care, and oncology.
Further Reading: How is an ETF different from a mutual fund?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CorMedix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CorMedix and related companies with MarketBeat.com's FREE daily email newsletter.