Analysts Set CorMedix Inc. (NASDAQ:CRMD) Target Price at $15.80

CorMedix Inc. (NASDAQ:CRMD) has been given a consensus rating of “Buy” by the five research firms that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $15.80.

Several equities analysts have commented on CRMD shares. Royal Bank of Canada lifted their target price on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Needham & Company LLC boosted their price objective on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com raised CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, Truist Financial boosted their price target on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd.

CorMedix Stock Down 3.4 %

Shares of NASDAQ:CRMD opened at $8.21 on Friday. The stock has a market cap of $498.16 million, a price-to-earnings ratio of -10.14 and a beta of 1.54. The business’s 50 day moving average is $10.14 and its 200 day moving average is $7.38. CorMedix has a 12-month low of $2.89 and a 12-month high of $13.85.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the previous year, the company earned ($0.17) EPS. As a group, equities research analysts expect that CorMedix will post -0.46 earnings per share for the current year.

Insider Activity

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were 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. This represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.20% of the company’s stock.

Institutional Trading of CorMedix

Several hedge funds and other institutional investors have recently modified their holdings of the business. 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 worth $1,568,000 after buying an additional 169,397 shares during the period. Geode Capital Management LLC grew its position in shares of CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after purchasing an additional 13,171 shares in the last quarter. Wellington Management Group LLP raised 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 valued at $1,462,000 after purchasing an additional 102,527 shares during the period. State Street Corp lifted its holdings in CorMedix by 0.8% during the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after purchasing an additional 10,204 shares in the last quarter. Finally, Parallax Volatility Advisers L.P. bought a new position in CorMedix in the 3rd quarter worth about $648,000. 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.