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

Shares of CorMedix Inc (NASDAQ:CRMD) have received an average recommendation of “Buy” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $18.8333.

CRMD has been the topic of several recent analyst reports. HC Wainwright decreased their price target on CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $22.00 price target (up previously from $21.00) on shares of CorMedix in a research note on Tuesday. D. Boral Capital raised CorMedix from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research note on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th.

Insiders Place Their Bets

In other CorMedix news, CEO Joseph Todisco sold 50,000 shares of the business’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $13.00, for a total value of $650,000.00. Following the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at approximately $6,623,448. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Elizabeth Hurlburt sold 41,121 shares of the business’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $13.08, for a total value of $537,862.68. Following the completion of the transaction, the chief operating officer directly owned 176,990 shares in the company, valued at approximately $2,315,029.20. This represents a 18.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 163,997 shares of company stock worth $2,163,617 in the last three months. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of CorMedix by 7.9% during the first quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company’s stock worth $22,463,000 after acquiring an additional 268,360 shares during the last quarter. Marshall Wace LLP lifted its stake in CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock valued at $31,785,000 after buying an additional 2,349,451 shares during the period. Geode Capital Management LLC boosted its holdings in CorMedix by 11.4% during the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock worth $19,669,000 after buying an additional 163,403 shares during the last quarter. Palisades Investment Partners LLC boosted its holdings in CorMedix by 56.7% during the second quarter. Palisades Investment Partners LLC now owns 562,527 shares of the company’s stock worth $6,930,000 after buying an additional 203,557 shares during the last quarter. Finally, Kennedy Capital Management LLC boosted its holdings in CorMedix by 18.8% during the second quarter. Kennedy Capital Management LLC now owns 480,178 shares of the company’s stock worth $5,916,000 after buying an additional 75,947 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

Shares of CRMD stock opened at $11.20 on Friday. The stock’s fifty day simple moving average is $12.21 and its 200 day simple moving average is $11.61. The firm has a market cap of $874.27 million, a price-to-earnings ratio of 14.93 and a beta of 1.85. CorMedix has a one year low of $5.60 and a one year high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.20 by $0.08. The business had revenue of $39.74 million for the quarter, compared to analyst estimates of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.CorMedix’s quarterly revenue was up 4830.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.25) EPS. On average, research analysts anticipate that CorMedix will post -0.32 earnings per share for the current year.

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.