CorMedix (NYSEAMERICAN:CRMD) Rating Lowered to Hold at Zacks Investment Research

CorMedix (NYSEAMERICAN:CRMD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

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. “

Separately, HC Wainwright set a $55.00 price target on Acer Therapeutics and gave the stock a “buy” rating in a report on Tuesday, May 28th.

NYSEAMERICAN:CRMD traded up $0.24 during trading hours on Tuesday, reaching $9.44. 399,300 shares of the stock were exchanged, compared to its average volume of 512,821. CorMedix has a 52 week low of $1.90 and a 52 week high of $13.70.

CorMedix (NYSEAMERICAN:CRMD) last released its earnings results on Monday, May 13th. The biotechnology company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.07. The firm had revenue of $0.16 million for the quarter, compared to the consensus estimate of $0.06 million.

In related news, Director Janet Dillione purchased 11,144 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were acquired at an average price of $6.74 per share, with a total value of $75,110.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC raised its stake in CorMedix by 69.2% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 64,778 shares of the biotechnology company’s stock valued at $581,000 after acquiring an additional 26,500 shares in the last quarter. Wealthstreet Investment Advisors LLC raised its stake in CorMedix by 14.0% during the 2nd quarter. Wealthstreet Investment Advisors LLC now owns 16,240 shares of the biotechnology company’s stock valued at $146,000 after acquiring an additional 2,000 shares in the last quarter. WINTON GROUP Ltd bought a new stake in CorMedix during the 2nd quarter valued at $90,000. EAM Global Investors LLC bought a new stake in CorMedix during the 1st quarter valued at $940,000. Finally, Catalyst Capital Advisors LLC bought a new stake in CorMedix during the 1st quarter valued at $386,000.

About CorMedix

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 dialysis, critical/intensive care, and oncology.

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