CorMedix Inc. (NYSEAMERICAN: CRMD) is having an overwhelmingly strong day in the market today. However, if you go digging for press releases or SEC filings, you’re not going to find any. The truth is that the company hasn’t released any news as of late. Nonetheless, there is a very good reason for the excitement surrounding the stock. Today, we’ll talk about:
- Why CRMD is headed up;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Here’s Why Investors Are Loving CRMD Right Now
As mentioned above, CorMedix is having a great day in the market today, but the company has released no news. So, what’s the deal?
Well, it all has to do with the company’s flagship candidate, Neutrolin. Neutrolin is currently being developed as non-antibiotic anti-infective option to decrease the threat of infection and blood clots and keeping central venous catheters operating safely and efficiently. It’s important to note that the treatment is not in early phases. It’s actually approved for commercialization in the EU and likely going to find the same fate in the US relatively soon.
Back in July, CRMD announced that it had ended a Phase 3 study known as LOCK-IT-100 early. The study was ended at the advise of the independent Data Safety Monitoring Board after an interim analysis because the pre-specified level of statistical significance was already reached. Essentially, the trial demonstrated efficacy early on, and for that reason, was terminated.
This is great news for two reasons. First and foremost, early demonstration of efficacy means that the drug is a strong option, as we expected due to the European approval. Moreover, the company will save quite a bit of money on the trial as continuation would have been pretty expensive. So, it was a double win for CRMD.
Now, here we are several months later, and there hasn’t yet been an update. With that said, investors are expecting for an update on the regulatory efforts surrounding Neutrolin relatively soon. With all of the oxcitement building, when this update comes, it could lead to dramatic gains in the value of the stock.
What We’re Seeing From The Stock
While CorMedix hasn’t released any news as of late, investors are awaiting an update with regard to the regulatory pathway for Neutrolin. With the recent early termination of the clinical trial due to the demonstration of statistically significant efficacy on interim analysis, investors are expecting for the next update to be positive and seem to be getting in before it comes. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:44), CRMD is trading at $1.41 per share after a gain of $0.07 per share or 5.22% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on CRMD. In particular, we’re interested in following the story surrounding the company’s continued work to bring Neutrolin to market. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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