CorMedix (NASDAQ:CRMD) Sets New 52-Week High – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.16 and last traded at $9.15, with a volume of 545492 shares traded. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CRMD shares. Royal Bank of Canada restated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Rodman & Renshaw began coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Truist Financial reduced their price objective on shares of CorMedix from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, CorMedix has a consensus rating of “Buy” and an average price target of $12.60.

CorMedix Stock Performance

The stock has a 50 day moving average price of $6.18 and a 200 day moving average price of $5.35. The company has a market capitalization of $545.74 million, a P/E ratio of -10.53 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.01. The company had revenue of $0.81 million during the quarter, compared to the consensus estimate of $0.75 million. During the same period in the prior year, the firm posted ($0.25) EPS. As a group, sell-side analysts expect that CorMedix Inc. will post -0.58 earnings per share for the current year.

Institutional Trading of CorMedix

Several hedge funds have recently made changes to their positions in CRMD. SG Americas Securities LLC purchased a new position in shares of CorMedix in the third quarter worth about $152,000. Sanctuary Advisors LLC purchased a new position in CorMedix in the 2nd quarter valued at approximately $138,000. The Manufacturers Life Insurance Company grew its stake in CorMedix by 13.2% in the 2nd 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 in the last quarter. Marshall Wace LLP lifted its position in shares of CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after acquiring an additional 11,339 shares during the period. 34.18% of the stock is currently owned by institutional investors.

About CorMedix

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.