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CRMD

CorMedix

$1.66

0.05 (3.11%)

16:26
12/10/18
12/10
16:26
12/10/18
16:26

CorMedix says NJEDA approves application to sell $5.4M of NOL tax benefits

CorMedix announced the New Jersey Economic Development Authority has approved the company's application to participate in the New Jersey Technology Business Tax Certificate Transfer program for State Fiscal Year 2018. The approval will allow CorMedix to transfer approximately $5.4M of the total $6.1M in available tax benefits to an unrelated, profitable New Jersey corporation in return for approximately $5M in cash, which is anticipated by the end of 2018. Closing is subject to NJEDA's typical closing conditions, which are in process. ''We are extremely pleased to receive such a large allocation from this important program,'' said Khoso Baluch, CorMedix President & CEO. ''The program size and number of qualified applicants varies from year to year, so the allocation amount isn't known until NJEDA notification is received. The funding will help us prepare for the next stage of our Neutrolin(R) development program.''

  • 11

    Dec

CRMD CorMedix
$1.66

0.05 (3.11%)

12/06/18
12/06/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. LG Display (LPL) initiated with a Buy at Citi. 2. Twitter (TWTR) and Alphabet (GOOG, GOOGL) were initiated with a Buy at Guggenheim, while Snap (SNAP) and Facebook (FB) were initiated with a Neutral. 3. Apache (APA) initiated with an Overweight at Stephens. 4. CorMedix (CRMD) initiated with a Buy at Roth Capital. 5. Protagonist Therapeutics (PTGX) initiated with a Buy at Nomura Instinet. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/06/18
ROTH
12/06/18
INITIATION
Target $6
ROTH
Buy
CorMedix initiated with a Buy at Roth Capital
Roth Capital analyst Jerry Isaacson started coverage of CorMedix with a Buy rating and $6 price target. The analyst notes that the company is developing Neutrolin for the prevention of catheter-related blood stream infections in patients with central venous catheters, and believes there is a large market opportunity for Neutrolin in multiple patient populations. CorMedix has Fast-Track designation from the FDA and QIDP designation, leading to 10.5 years of market exclusivity, he adds.
07/26/18
HCWC
07/26/18
NO CHANGE
Target $3
HCWC
Buy
CorMedix price target raised to $3 from $2 at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju raised his price target for CorMedix to $3 saying the Neutrolin interim readout delivered a "home run." The analyst sees a possibility now for Neutrolin to be filed before the end of this year and to be approved in 2019, versus his original assumption that the drug would not enter the U.S. market prior to 2020. Further, the news of the clear efficacy signal in the LOCK-IT-100 study could meaningfully accelerate ex-U.S. sales of the product, the analyst adds. He reiterates a Buy rating on CorMedix.
05/23/18
HCWC
05/23/18
NO CHANGE
Target $2
HCWC
Buy
CorMedix price target lowered to $2 from $4 at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju lowered his price target for CorMedix to $2 citing higher than anticipated spending in Q1 and the guidance provided by the company that any further development of medical device-based products utilizing taurolidine would be paused until U.S. approval of Neutrolin is achieved. The analyst, however, expects a favorable result in the LOCK-IT-100 interim analysis, which he believes could prove a key value inflection point for CorMedix. He reiterates a Buy rating on the shares.

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