CorMedix (NASDAQ:CRMD) Sets New 52-Week High Following Analyst Upgrade

CorMedix Inc. (NASDAQ:CRMD) shares hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $12.00 to $17.00. Truist Financial currently has a buy rating on the stock. CorMedix traded as high as $11.49 and last traded at $11.30, with a volume of 55881 shares traded. The stock had previously closed at $11.20.

A number of other brokerages have also recently weighed in on CRMD. Royal Bank of Canada reissued an “outperform” rating and set a $9.00 price target on shares of CorMedix in a research report on Thursday, August 15th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Finally, Rodman & Renshaw assumed coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $13.60.

Hedge Funds Weigh In On CorMedix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. Vanguard Group Inc. raised its stake in shares of CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after purchasing an additional 102,851 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after acquiring an additional 2,562 shares in the last quarter. Tidal Investments LLC acquired a new position in CorMedix during the 1st quarter worth approximately $60,000. Bank of New York Mellon Corp boosted its position in CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of CorMedix during the 2nd quarter worth approximately $44,000. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Stock Up 2.6 %

The stock’s fifty day moving average price is $7.62 and its 200-day moving average price is $5.84. The company has a market capitalization of $678.74 million, a price-to-earnings ratio of -13.28 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to analyst estimates of $0.75 million. During the same quarter in the previous year, the firm posted ($0.25) earnings per share. Analysts anticipate that CorMedix Inc. will post -0.58 EPS 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.