CorMedix Inc. (NASDAQ:CRMD) Receives Average Rating of “Buy” from Analysts

Shares of CorMedix Inc. (NASDAQ:CRMD) have earned an average rating of “Buy” from the five ratings firms that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $15.80.

A number of brokerages have recently commented on CRMD. Needham & Company LLC lifted their price objective on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Rodman & Renshaw initiated coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Royal Bank of Canada upped their price objective on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com upgraded CorMedix to a “sell” rating in a research note on Friday, November 8th. Finally, Truist Financial increased their price target on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd.

Insider Activity

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the sale, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On CorMedix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRMD. FMR LLC grew its holdings in shares of CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after buying an additional 2,700 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in CorMedix by 10.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock worth $422,000 after buying an additional 4,935 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in CorMedix by 130.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after buying an additional 6,761 shares during the period. Finally, Sigma Planning Corp raised its position in shares of CorMedix by 23.8% in the 3rd quarter. Sigma Planning Corp now owns 39,947 shares of the company’s stock valued at $323,000 after buying an additional 7,679 shares in the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Stock Performance

CRMD opened at $8.57 on Friday. The business’s 50-day simple moving average is $10.35 and its 200 day simple moving average is $7.27. The firm has a market capitalization of $520.00 million, a PE ratio of -10.58 and a beta of 1.54. CorMedix has a 52-week low of $2.89 and a 52-week high of $13.85.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same period in the previous year, the company posted ($0.17) EPS. On average, research analysts forecast that CorMedix will post -0.46 earnings per share for the current year.

CorMedix Company Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.