CorMedix (NASDAQ:CRMD) Raised to Sell at StockNews.com

CorMedix (NASDAQ:CRMD) was upgraded by analysts at StockNews.com to a “sell” rating in a report issued on Friday.

A number of other analysts have also recently commented on the company. Truist Financial lifted their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Rodman & Renshaw began coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Needham & Company LLC lifted their price objective on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.20.

CorMedix Stock Up 9.1 %

Shares of CRMD stock opened at $11.60 on Friday. CorMedix has a fifty-two week low of $2.57 and a fifty-two week high of $13.85. The stock has a market cap of $703.89 million, a P/E ratio of -14.32 and a beta of 1.58. The business has a fifty day simple moving average of $8.98 and a 200-day simple moving average of $6.32.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the prior year, the business earned ($0.17) EPS. On average, sell-side analysts anticipate that CorMedix will post -0.46 earnings per share for the current year.

Institutional Trading of CorMedix

Hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC acquired a new position in shares of CorMedix in the 3rd quarter valued at about $119,000. Sigma Planning Corp lifted its stake 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 purchasing an additional 7,679 shares in the last quarter. Palumbo Wealth Management LLC acquired a new position in shares of CorMedix in the 3rd quarter valued at about $100,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of CorMedix by 10.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after purchasing an additional 4,935 shares in the last quarter. Finally, AlphaMark Advisors LLC acquired a new position in CorMedix during the 3rd quarter worth approximately $97,000. 34.18% of the stock is owned by institutional investors and hedge funds.

About CorMedix

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.