In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Cormedix Inc (CRMD), with a price target of $14. The company’s shares closed last Monday at $8.11.
“We note that this was principally driven by the sale of its unused New Jersey net operating losses through the Certificate program of the the amount of roughly $5.1M for the period. R&D and SG&A spending were roughly in-line with our projections, coming in at $3M and $2.6M, respectively, vs. our forecasts of $3M and $2.7M. In our view, CorMedix has sufficient resources to fund operations through 3Q20 and the completion of the regulatory submission for Neutrolin, which we believe could be filed in 1H20. We expect CorMedix to meet with the FDA during 4Q19 to finalize the requirements for the filing of the New Drug Application (NDA) on Neutrolin. We reiterate our Buy rating and 12-month target of $14.00 on CorMedix shares.”
According to TipRanks.com, Selvaraju has 0 stars on 0-5 star ranking scale with an average return of -10.4% and a 28.2% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Taro Pharmaceutical Industries Ltd., Biospecifics Technologies Corp, and Stealth Biotherapeutics Corp.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cormedix Inc with a $14 average price target.
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Based on Cormedix Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $696.2K. In comparison, last year the company had a GAAP net loss of $8.56 million.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CRMD in relation to earlier this year.
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CorMedix, Inc. operates as a pharmaceutical and medical device company, which seeks to in-license, develop and commercialize prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases.