CorMedix Inc. (NASDAQ:CRMD) Given Consensus Rating of “Buy” by Brokerages

CorMedix Inc. (NASDAQ:CRMD) has been assigned an average rating of “Buy” from the six research firms that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $15.67.

Several equities analysts recently commented on CRMD shares. Needham & Company LLC upped their target price on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of CorMedix to a “sell” rating in a research note on Friday, November 8th. Truist Financial lifted their target price on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. D. Boral Capital began coverage on CorMedix in a report on Monday, January 13th. They issued a “buy” rating and a $15.00 price target for the company. Finally, Royal Bank of Canada lifted their price objective on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th.

CorMedix Stock Performance

CorMedix stock opened at $12.17 on Thursday. CorMedix has a 52 week low of $2.89 and a 52 week high of $13.85. The firm has a market capitalization of $738.48 million, a PE ratio of -15.02 and a beta of 1.56. The business’s 50-day simple moving average is $9.76 and its 200-day simple moving average is $8.06.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. Research analysts forecast that CorMedix will post -0.46 earnings per share for the current year.

Insider Buying and Selling at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Several institutional investors have recently added to or reduced their stakes in CRMD. FMR LLC grew its stake in CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after buying an additional 1,625 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in CorMedix during the 4th quarter worth approximately $81,000. AlphaMark Advisors LLC bought a new stake in CorMedix during the 3rd quarter worth approximately $97,000. BNP Paribas Financial Markets increased its holdings in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after purchasing an additional 6,761 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in CorMedix by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after purchasing an additional 2,700 shares during the last quarter. 34.18% of the stock is owned by institutional investors.

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.