CorMedix stock rating downgraded to Hold from Buy by D. Boral Capital

Investing.com - D. Boral (OTC:BOALY) Capital downgraded CorMedix (NASDAQ:CRMD) stock rating from Buy to Hold on Monday, following a sharp 24.5% decline in share price over the past week. Despite the recent pullback, the stock maintains a remarkable 188% gain over the past year.

The downgrade follows CorMedix’s announcement of a public offering of 6.6 million shares of common stock, which is expected to raise gross proceeds of approximately $85 million. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 4.2x. Get access to 15+ additional ProTips and comprehensive analysis with InvestingPro.

The offering is scheduled to close on or about Monday, June 30, 2025, according to information provided by D. Boral Capital.

The deal includes a 30-day over-allotment option that would allow underwriters to purchase an additional 15% of the offering shares.

CorMedix plans to use the net proceeds for general corporate purposes, including working capital, research and development activities, and potential strategic opportunities.

In other recent news, CorMedix Inc . has announced the pricing of an $85 million public offering of common stock, aiming to generate significant gross proceeds. RBC Capital Markets will act as the sole bookrunner, with additional support from capital markets advisors. The company plans to allocate the net proceeds towards general corporate purposes, including research and development and potential strategic transactions. Furthermore, CorMedix received FDA approval for its lead product, DefenCath, which has been launched in both inpatient and outpatient settings. In related developments, H.C. Wainwright reiterated its Buy rating for CorMedix, maintaining a price target of $20.00, reflecting confidence in the company’s growth prospects. Additionally, at its 2025 Annual Meeting, CorMedix shareholders approved all board nominees and key proposals, including executive compensation and the ratification of their independent auditor. The offering and strategic moves underscore CorMedix’s ongoing efforts to strengthen its position in the biopharmaceutical sector. These developments highlight the company’s current strategic initiatives and financial activities.

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