CorMedix (NASDAQ:CRMD) Stock Price Up 3.3% on Analyst Upgrade

CorMedix Inc. (NASDAQ:CRMD) was up 3.3% on Wednesday after Truist Financial raised their price target on the stock from $12.00 to $17.00. Truist Financial currently has a buy rating on the stock. CorMedix traded as high as $12.45 and last traded at $12.44. Approximately 405,086 shares changed hands during trading, a decline of 37% from the average daily volume of 641,758 shares. The stock had previously closed at $12.04.

Several other equities research analysts have also recently weighed in on CRMD. Royal Bank of Canada reissued an “outperform” rating and issued a $9.00 price objective on shares of CorMedix in a research report on Thursday, August 15th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Finally, Rodman & Renshaw assumed coverage on shares of CorMedix in a research report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.60.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after buying an additional 2,562 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after acquiring an additional 2,700 shares in the last quarter. Principal Financial Group Inc. bought a new stake in CorMedix in the second quarter valued at about $44,000. Rhumbline Advisers raised its position in CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after purchasing an additional 11,339 shares in the last quarter. Finally, AlphaMark Advisors LLC bought a new position in CorMedix during the third quarter worth about $97,000. 34.18% of the stock is owned by institutional investors.

CorMedix Stock Up 2.6 %

The company has a market capitalization of $678.74 million, a price-to-earnings ratio of -13.28 and a beta of 1.61. The business has a fifty day simple moving average of $7.62 and a two-hundred day simple moving average of $5.84.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The business had revenue of $0.81 million for the quarter, compared to analyst estimates of $0.75 million. During the same period in the prior year, the business earned ($0.25) earnings per share. As a group, equities analysts predict that CorMedix Inc. will post -0.58 earnings per share 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.