CorMedix (NASDAQ:CRMD) Given “Outperform” Rating at Royal Bank of Canada

CorMedix (NASDAQ:CRMD)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $12.00 price objective on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 67.95% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on CRMD. D. Boral Capital reaffirmed a “buy” rating and issued a $15.00 target price on shares of CorMedix in a report on Tuesday. Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Needham & Company LLC dropped their price objective on shares of CorMedix from $18.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.14.

CorMedix Trading Down 2.7 %

CorMedix stock traded down $0.20 during midday trading on Wednesday, reaching $7.15. The company’s stock had a trading volume of 1,139,235 shares, compared to its average volume of 951,865. The stock has a market cap of $433.54 million, a PE ratio of -8.82 and a beta of 1.53. CorMedix has a 52 week low of $3.61 and a 52 week high of $13.85. The business has a 50-day moving average price of $10.76 and a 200-day moving average price of $9.92.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.17 by $0.05. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. CorMedix’s revenue for the quarter was up 29900.0% on a year-over-year basis. As a group, research analysts predict that CorMedix will post -0.32 EPS for the current fiscal year.

Institutional Trading of CorMedix

A number of large investors have recently bought and sold shares of CRMD. FMR LLC raised its holdings 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 fourth quarter valued at $81,000. Captrust Financial Advisors purchased a new position in CorMedix in the 4th quarter worth approximately $90,000. Aigen Investment Management LP bought a new position in CorMedix during the fourth quarter valued at approximately $94,000. Finally, XTX Topco Ltd bought a new position in shares of CorMedix during the fourth quarter valued at about $95,000. 34.18% of the stock is currently 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.