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

CorMedix (NYSEAMERICAN:CRMD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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. “

Other analysts have also issued research reports about the company. TheStreet lowered CorMedix from a “c-” rating to a “d+” rating in a research report on Monday, October 7th. HC Wainwright reissued a “buy” rating and issued a $14.00 target price on shares of CorMedix in a research report on Monday, December 2nd. Finally, B. Riley began coverage on CorMedix in a research report on Wednesday, December 18th. They issued a “buy” rating and a $48.00 target price on the stock.

Shares of CRMD stock traded down $0.11 during trading on Tuesday, hitting $6.69. 175,400 shares of the stock traded hands, compared to its average volume of 232,622. CorMedix has a 52-week low of $4.86 and a 52-week high of $13.70.

CorMedix (NYSEAMERICAN:CRMD) last released its quarterly earnings results on Thursday, November 14th. The biotechnology company reported ($0.22) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.19 million.

In other news, Director Mehmood Khan bought 17,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were bought at an average price of $6.58 per share, with a total value of $111,860.00. Following the completion of the transaction, the director now directly owns 133,017 shares in the company, valued at $875,251.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC acquired a new position in shares of CorMedix in the third quarter worth $29,000. JPMorgan Chase & Co. acquired a new position in shares of CorMedix in the second quarter worth $49,000. Essex Financial Services Inc. acquired a new position in shares of CorMedix in the third quarter worth $64,000. Wealthstreet Investment Advisors LLC grew its stake in shares of CorMedix by 15.1% in the third quarter. Wealthstreet Investment Advisors LLC now owns 18,700 shares of the biotechnology company’s stock worth $108,000 after acquiring an additional 2,460 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of CorMedix by 64.2% in the third quarter. Millennium Management LLC now owns 25,319 shares of the biotechnology company’s stock worth $161,000 after acquiring an additional 9,902 shares in the last quarter.

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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