Posted by admin on May 12th, 2022
Zacks Investment Research upgraded shares of CorMedix (NYSEAMERICAN:CRMD – Get Rating) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.
According to Zacks, “CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company is focused on developing its lead product Defencath (TM), a novel, antibacterial and antifungal solution designed to prevent costly and life-threatening bloodstream infections associated with the use of central venous catheters in patients undergoing chronic hemodialysis. Defencath has been designated by FDA as Fast Track and as a Qualified Infectious Disease Product, which provides an additional five years of marketing exclusivity, which will be added to the five years granted to a New Chemical Entity upon approval of the NDA. CorMedix also intends to develop Defencath as a catheter lock solution for use in oncology and total parenteral nutrition patients. It is leveraging its taurolidine technology to develop a pipeline of antimicrobial medical devices, with programs in surgical sutures and meshes, and topical hydrog “
Separately, JMP Securities reaffirmed a buy rating and set a $19.00 target price on shares of CorMedix in a research report on Wednesday, March 30th.
Shares of CRMD opened at $3.04 on Wednesday. CorMedix has a 52 week low of $3.03 and a 52 week high of $8.38. The firm has a market capitalization of $117.73 million, a PE ratio of -4.16 and a beta of 2.28.
CorMedix (NYSEAMERICAN:CRMD – Get Rating) last announced its quarterly earnings results on Tuesday, March 29th. The biotechnology company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.02. CorMedix had a negative return on equity of 39.16% and a negative net margin of 13,952.10%. The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.04 million. On average, sell-side analysts predict that CorMedix will post -0.76 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in CorMedix by 0.5% during the 3rd quarter. BlackRock Inc. now owns 2,506,394 shares of the biotechnology company’s stock worth $11,655,000 after acquiring an additional 13,380 shares during the period. Credit Suisse AG grew its holdings in CorMedix by 0.6% during the 4th quarter. Credit Suisse AG now owns 754,835 shares of the biotechnology company’s stock worth $3,434,000 after acquiring an additional 4,396 shares during the period. State Street Corp grew its holdings in CorMedix by 0.8% during the 4th quarter. State Street Corp now owns 701,822 shares of the biotechnology company’s stock worth $3,193,000 after acquiring an additional 5,307 shares during the period. Geode Capital Management LLC grew its holdings in CorMedix by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 671,003 shares of the biotechnology company’s stock worth $3,120,000 after acquiring an additional 39,960 shares during the period. Finally, Morgan Stanley grew its holdings in CorMedix by 21.1% during the 3rd quarter. Morgan Stanley now owns 367,688 shares of the biotechnology company’s stock worth $1,710,000 after acquiring an additional 64,063 shares during the period. 30.91% of the stock is owned by institutional investors and hedge funds.
CorMedix Company Profile (Get Rating)
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. Its lead product candidate is DefenCath/Neutrolin, a novel 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, total parenteral nutrition, and oncology.
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