CorMedix Inc. (NASDAQ:CRMD) Receives Consensus Recommendation of “Buy” from Analysts

Shares of CorMedix Inc. (NASDAQ:CRMD) have earned an average rating of “Buy” from the five brokerages that are covering the company, Marketbeat reports. Five analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have covered the stock in the last year is $15.20.

Several equities research analysts have recently weighed in on the company. Needham & Company LLC increased their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Truist Financial boosted their target price on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Rodman & Renshaw initiated coverage on shares of CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Saturday, November 2nd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after purchasing an additional 102,851 shares in the last quarter. Marshall Wace LLP increased its holdings in CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after buying an additional 79,619 shares during the period. Commonwealth Equity Services LLC raised its stake in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after buying an additional 56,963 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in CorMedix during the second quarter worth $138,000. Finally, Bank of New York Mellon Corp boosted its position in CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after acquiring an additional 25,677 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors.

CorMedix Stock Performance

NASDAQ:CRMD opened at $10.32 on Friday. The firm has a market capitalization of $626.22 million, a PE ratio of -12.74 and a beta of 1.58. The stock’s fifty day moving average is $8.78 and its 200 day moving average is $6.24. CorMedix has a fifty-two week low of $2.57 and a fifty-two week high of $13.85.

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

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.