CorMedix Inc. (NASDAQ:CRMD) Given Average Recommendation of “Buy” by Analysts

CorMedix Inc. (NASDAQ:CRMD) has received a consensus rating of “Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $15.67.

A number of analysts have recently commented on the stock. Royal Bank of Canada boosted their price objective 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 increased their price objective on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. D. Boral Capital initiated coverage on CorMedix in a report on Monday. They issued a “buy” rating and a $15.00 price objective for the company. StockNews.com upgraded CorMedix to a “sell” rating in a report on Friday, November 8th. Finally, Truist Financial raised their price target on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd.

Insider Activity

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Marshall Wace LLP lifted its holdings in shares of CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares in the last quarter. State Street Corp lifted its stake in shares of CorMedix by 0.8% in the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after buying an additional 10,204 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares during the last quarter. FMR LLC increased its position in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after acquiring an additional 1,625 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of CorMedix by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after acquiring an additional 13,171 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

CorMedix Stock Performance

CRMD opened at $11.90 on Thursday. CorMedix has a twelve month low of $2.89 and a twelve month high of $13.85. The firm has a market cap of $722.06 million, a PE ratio of -14.69 and a beta of 1.56. The firm’s fifty day moving average is $9.70 and its two-hundred day moving average is $7.86.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to analyst estimates of $11.00 million. During the same quarter last year, the business posted ($0.17) earnings per share. Equities analysts forecast that CorMedix will post -0.46 EPS for the current fiscal 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.