Zacks Investment Research cut shares of CorMedix Inc. (NYSEMKT:CRMD) from a buy rating to a hold rating in a report published on Thursday 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. “
Several other brokerages also recently issued reports on CRMD. HC Wainwright set a $3.00 price target on CorMedix and gave the stock a buy rating in a report on Thursday, August 10th. Rodman & Renshaw decreased their price target on CorMedix from $5.00 to $3.00 and set a buy rating for the company in a report on Thursday, August 10th.
CorMedix (NYSEMKT:CRMD) opened at 0.43 on Thursday. The company’s market capitalization is $25.47 million. CorMedix has a 52 week low of $0.32 and a 52 week high of $3.26. The stock’s 50 day moving average is $0.41 and its 200 day moving average is $0.85.
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In other CorMedix news, Director Mehmood Khan acquired 400,000 shares of CorMedix stock in a transaction on Friday, August 18th. The stock was purchased at an average price of $0.39 per share, for a total transaction of $156,000.00. Following the purchase, the director now directly owns 50,000 shares of the company’s stock, valued at $19,500. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Myron Kaplan acquired 80,000 shares of CorMedix stock in a transaction on Thursday, August 17th. The stock was acquired at an average price of $0.40 per share, with a total value of $32,000.00. Following the purchase, 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 purchased 566,207 shares of company stock valued at $220,707 in the last quarter.
Large investors have recently made changes to their positions in the business. Susquehanna International Group LLP grew its stake in CorMedix by 11,785.4% in the 2nd quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock valued at $886,000 after purchasing an additional 2,085,670 shares during the period. Elliott Management Corp grew its stake in CorMedix by 177.8% in the 2nd quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock valued at $1,785,000 after purchasing an additional 2,666,668 shares during the period. Finally, Vanguard Group Inc. grew its stake in CorMedix by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock valued at $518,000 after purchasing an additional 35,148 shares during the period.
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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