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

CorMedix Inc. (NASDAQ:CRMD) has received an average rating of “Buy” from the eight ratings firms that are presently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $15.14.

CRMD has been the topic of several analyst reports. Leerink Partners initiated coverage on CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price objective on the stock. Needham & Company LLC dropped their price objective on CorMedix from $18.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, March 26th. Leerink Partnrs raised CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. D. Boral Capital restated a “buy” rating and set a $15.00 target price on shares of CorMedix in a research note on Tuesday, March 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price target on shares of CorMedix in a research note on Wednesday, March 26th.

CorMedix Price Performance

CRMD opened at $6.16 on Tuesday. The firm has a market cap of $401.52 million, a PE ratio of -7.60 and a beta of 1.53. The stock has a 50-day moving average price of $10.31 and a 200-day moving average price of $9.93. CorMedix has a 1 year low of $3.61 and a 1 year high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.05. The firm had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $27.46 million. The firm’s revenue was up 29900.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that CorMedix will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Elliott Investment Management L.P. increased its stake in shares of CorMedix by 85.1% in the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after purchasing an additional 1,320,109 shares in the last quarter. Palisades Investment Partners LLC bought a new stake in CorMedix during the fourth quarter valued at about $2,949,000. J. Goldman & Co LP grew its holdings in CorMedix by 221.1% during the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock valued at $3,704,000 after purchasing an additional 314,880 shares during the period. Vanguard Group Inc. increased its position in CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after buying an additional 309,514 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of CorMedix by 685.5% in the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after buying an additional 169,397 shares during the period. 34.18% of the stock is currently owned by institutional investors.

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.