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

Shares of CorMedix Inc. (NASDAQ:CRMD) have received an average rating of “Buy” from the five research firms that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $15.20.

CRMD has been the topic of several research analyst reports. Truist Financial boosted their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com raised shares of CorMedix to a “sell” rating in a report on Friday, November 8th. Needham & Company LLC boosted their target price on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw began coverage on shares of CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $9.85 on Wednesday. The company has a market capitalization of $597.70 million, a P/E ratio of -12.16 and a beta of 1.54. CorMedix has a 1-year low of $2.89 and a 1-year high of $13.85. The firm’s 50 day simple moving average is $10.30 and its two-hundred day simple moving average is $6.94.

CorMedix (NASDAQ:CRMD) last released its 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 for the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the firm posted ($0.17) EPS. On average, sell-side analysts anticipate that CorMedix will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at CorMedix

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

Hedge Funds Weigh In On CorMedix

Several large investors have recently modified their holdings of CRMD. Vanguard Group Inc. boosted its stake in CorMedix by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after buying an additional 102,851 shares during the period. Wellington Management Group LLP boosted its stake in shares of 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 purchasing an additional 102,527 shares during the period. Parallax Volatility Advisers L.P. bought a new position in CorMedix during the 3rd quarter valued at about $648,000. Marshall Wace LLP raised its position in CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares during the period. Finally, Commonwealth Equity Services LLC lifted its stake in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares during 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.