Cormedix (CRMD) Cut to “Sell” at Zacks Investment Research

Cormedix (NYSEAMERICAN:CRMD) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released on Wednesday, April 4th.

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. “

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Separately, HC Wainwright set a $4.00 price objective on shares of Cormedix and gave the stock a “buy” rating in a research report on Monday, April 2nd.

Shares of Cormedix stock opened at $0.22 on Wednesday. Cormedix has a 1-year low of $0.17 and a 1-year high of $1.22.

Several institutional investors have recently added to or reduced their stakes in CRMD. Virtu Financial LLC lifted its position in shares of Cormedix by 126.4% during the fourth quarter. Virtu Financial LLC now owns 226,748 shares of the biotechnology company’s stock valued at $114,000 after purchasing an additional 126,610 shares in the last quarter. Spinnaker Capital LLC bought a new position in shares of Cormedix during the fourth quarter valued at about $202,000. Finally, Vanguard Group Inc. lifted its position in shares of Cormedix by 3.0% during the second 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 in the last quarter.

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Cormedix Company Profile

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 other markets. 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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