CorMedix’s (CRMD) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of CorMedix (NASDAQ:CRMD) in a report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $12.00 price target on the stock.

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

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $6.74 on Wednesday. The business’s 50 day moving average price is $10.43 and its 200-day moving average price is $9.89. CorMedix has a 1 year low of $3.61 and a 1 year high of $13.85. The firm has a market capitalization of $408.96 million, a price-to-earnings ratio of -8.32 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (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 analyst estimates of $27.46 million. The company’s revenue for the quarter was up 29900.0% compared to the same quarter last year. On average, sell-side analysts expect that CorMedix will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On CorMedix

A number of hedge funds have recently modified their holdings of CRMD. JPMorgan Chase & Co. boosted its holdings in CorMedix by 685.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after purchasing an additional 169,397 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of CorMedix by 8.2% during the 4th quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company’s stock valued at $1,051,000 after buying an additional 9,782 shares during the period. New York State Common Retirement Fund lifted its holdings in CorMedix by 1,398.2% in the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock valued at $1,355,000 after acquiring an additional 156,086 shares during the last quarter. State Street Corp grew its position in CorMedix by 0.8% in 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. Finally, AlphaQuest LLC acquired a new stake in CorMedix during the fourth quarter worth $115,000. Hedge funds and other 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.