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

CorMedix Inc. (NASDAQ:CRMD) has received a consensus recommendation of “Buy” from the five analysts that are currently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have covered the stock in the last year is $15.80.

A number of brokerages have recently issued reports on CRMD. Royal Bank of Canada increased their target price on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Truist Financial boosted their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. Finally, Needham & Company LLC increased their price target on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st.

CorMedix Stock Up 2.0 %

Shares of CRMD stock opened at $8.50 on Friday. CorMedix has a 12 month low of $2.89 and a 12 month high of $13.85. The stock has a 50 day moving average of $10.24 and a 200-day moving average of $7.34. The firm has a market cap of $515.75 million, a PE ratio of -10.49 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. As a group, equities analysts predict that CorMedix will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the sale, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently modified their holdings of CRMD. Geode Capital Management LLC raised its stake in CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after buying an additional 13,171 shares during the period. State Street Corp increased its position in CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after acquiring an additional 10,204 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after purchasing an additional 169,397 shares during the period. Wellington Management Group LLP increased its stake in CorMedix by 130.7% during the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after acquiring an additional 102,527 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of 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 purchasing an additional 25,677 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

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.