Elizabeth Hurlburt, Executive Vice President at CorMedix Inc . (NASDAQ:CRMD), executed a significant stock sale on November 14. Hurlburt sold 140,027 shares of common stock, with a total value amounting to approximately $1.57 million. The shares were sold at an average price of $11.18 per share, with the price ranging from $11.00 to $11.45 per share.
In addition to the sale, Hurlburt acquired a substantial number of shares through multiple transactions. These acquisitions involved a total of 140,027 shares of common stock, valued at approximately $627,726. The purchase prices for these shares ranged from $1.45 to $8.30 per share.
Following these transactions, Hurlburt's direct ownership of CorMedix shares stands at 45,397 shares.
In other recent news, CorMedix Inc. reported significant strides in its third-quarter financial results for 2024. The company's net revenue reached $11.5 million, primarily driven by the success of its flagship product, DefenCath. CorMedix has also established agreements with dialysis operators to supply approximately 60% of U.S. dialysis clinics, with purchases predicted by the end of the fourth quarter. Despite a net loss of $2.8 million for the quarter, CorMedix forecasts a positive EBITDA in the fourth quarter, backed by robust sales and a steady cash position.
In addition to these developments, CorMedix plans to submit a refined clinical protocol for TPN to the FDA by mid-November, with approval anticipated between 2027 and 2028. The company is also conducting a real-world evidence study with U.S. Renal Care and a pediatric hemodialysis study. Despite the third-quarter net loss and increased operating expenses, CorMedix maintains a promising outlook with high expectations for DefenCath's gross margins through 2025. These recent developments underscore CorMedix's commitment to expanding its product portfolio and meeting unmet medical needs.
InvestingPro Insights
The recent stock transactions by Elizabeth Hurlburt, Executive Vice President at CorMedix Inc. (NASDAQ:CRMD), reflect the company's volatile stock price movements, as highlighted by InvestingPro Tips. This volatility is further evidenced by the company's impressive performance in the market, with a 172.07% price total return over the past year and a substantial 190.16% year-to-date return.
Despite the significant insider sale, CorMedix's financial position appears relatively stable. According to InvestingPro Data, the company operates with a moderate level of debt, and its liquid assets exceed short-term obligations. This financial stability could be reassuring for investors in light of the recent insider transaction.
However, it's worth noting that CorMedix is currently trading at a high revenue valuation multiple and a high Price / Book ratio of 10.68. These metrics, combined with the fact that analysts do not anticipate the company to be profitable this year, suggest that investors should carefully consider the company's valuation.
For a more comprehensive analysis, InvestingPro offers 11 additional tips for CorMedix, providing investors with a deeper understanding of the company's financial health and market position.
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