CorMedix Inc (NYSEMKT:CRMD) (TREND ANALYSIS) expects to begin Phase 3 study for Neutrolin in Q4. CorMedix announced an update to its previously announced strategic transaction process and that it expects to initiate its first Phase 3 study for its lead product Neutrolin in the fourth quarter. The Phase 3 clinical trial is designed to be a U.S. multi-center, randomized, controlled study comparing Neutrolin to heparin in an estimated 633 patients in hemodialysis being monitored for catheter related bloodstream infections. Dr. Michael Allon, Professor, Department of Medicine, Division of Nephrology, University of Alabama, Birmingham will serve as the Study Chair. “Our discussions with the FDA and key opinion leaders have made clear that relatively high rates of infection continue to occur in hemodialysis, ICU/CCU and oncology patients who require central venous catheters. Our research and available data indicate that Neutrolin may be able to address this problem, and we are pleased to advance this important clinical study,” said Antony Pfaffle M.D., Chief Scientific Officer. As part of its previously announced strategic transaction process, the Company has engaged in a robust process with its financial advisor Evercore Partners. As a result, the Company announces that while the Company moves forward with the announced clinical trial it expects to continue to pursue product development and commercialization opportunities, rather than pursuing a possible sale of the company today. :theflyonthewall.com
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CorMedix Inc (NYSEMKT:CRMD) stock is currently trading 59.13% below its 52-week-high, 240% above its 52-week-low. The 1-year stock price history is in the range of $1.25 – $10.4. CorMedix Inc (CRMD) has a price to book ratio of 14.12 versus Healthcare sector average of 139. CRMD stock price has outperformed the S&P 500 by 120%. The Therapeutics company is currently valued at $0.12 billion and its share price closed the last trading session at $4.25. The stock has a 50-day moving average of $4.83 and a 200-day moving average of $5.58.
CorMedix Inc (CRMD) current short interest stands at 3.73 million shares. It has increased by 9% from the same period of last month. Around 16% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.54 million shares, the number of days required to cover the short positions stand at 7 days.
The company is expected to announce next quarter earnings on August 13, at consensus estimate of $-0.13. CorMedix Inc (CRMD) reported last quarter earnings on May 07. The Therapeutics company announced earnings per share of $-0.23 against a consensus Street estimate of $-0.1, missing estimate by $0.13. This corresponds to an increase of $0.06 compared to the same quarter of the previous fiscal year.
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There are currently one analysts that cover CorMedix Inc stock. Of those one, one has a Hold rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $6.75.
A recent analyst activity consisted of Roth Capital downgrading their Buy rating to Neutral on May 6. Roth Capital increased their price target on CRMD from $2.5 to $7.5. This corresponds to a 76.47% upside from the last closing price. On the date of report, the stock closed at $7.55.
CorMedix Inc. is a biopharmaceutical company that seeks to in-license, develop, and commercialize therapeutic products for the treatment of cardia and renal dysfunction.