CorMedix (CRMD) Upgraded by Zacks Investment Research to Buy

CorMedix (NYSEAMERICAN:CRMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $0.25 target price on the biotechnology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.05% from the stock’s previous close.

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 $2.00 target price on shares of CorMedix and gave the company a “buy” rating in a research report on Wednesday, May 23rd.

Shares of NYSEAMERICAN CRMD traded down $0.01 during mid-day trading on Thursday, reaching $0.21. The company had a trading volume of 496,500 shares, compared to its average volume of 1,603,236. CorMedix has a 52-week low of $0.17 and a 52-week high of $0.77.

CorMedix (NYSEAMERICAN:CRMD) last posted its earnings results on Tuesday, May 15th. The biotechnology company reported ($0.14) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.04). The company had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.12 million. CorMedix had a negative net margin of 16,300.49% and a negative return on equity of 318.95%.

A hedge fund recently raised its stake in CorMedix stock. Virtu Financial LLC boosted its holdings in shares of CorMedix Inc. (NYSEAMERICAN:CRMD) by 126.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 226,748 shares of the biotechnology company’s stock after purchasing an additional 126,610 shares during the period. Virtu Financial LLC owned approximately 0.34% of CorMedix worth $114,000 as of its most recent filing with the SEC.

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. Its primary focus is 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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