StockNews.com Upgrades CorMedix (NASDAQ:CRMD) to “Sell”

CorMedix (NASDAQ:CRMD) was upgraded by StockNews.com to a “sell” rating in a report released on Friday.

Other equities research analysts also recently issued reports about the company. Rodman & Renshaw initiated coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective on the stock. Truist Financial lifted their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada restated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Finally, Needham & Company LLC lifted their price objective on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.20.

CorMedix Stock Performance

CorMedix stock opened at $11.60 on Friday. The stock’s 50 day moving average price is $8.98 and its 200 day moving average price is $6.32. The firm has a market capitalization of $703.89 million, a PE ratio of -14.32 and a beta of 1.58. CorMedix has a one year low of $2.57 and a one year high of $13.85.

CorMedix (NASDAQ:CRMD) last released its quarterly 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 period last year, the firm posted ($0.17) earnings per share. On average, analysts forecast that CorMedix will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. bought a new stake in shares of CorMedix in the 2nd quarter valued at approximately $44,000. AlphaMark Advisors LLC acquired a new position in CorMedix during the 3rd quarter valued at approximately $97,000. Palumbo Wealth Management LLC acquired a new position in CorMedix during the 3rd quarter valued at approximately $100,000. Tidal Investments LLC acquired a new position in CorMedix during the 1st quarter valued at approximately $60,000. Finally, Price T Rowe Associates Inc. MD boosted its position in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after purchasing an additional 2,562 shares during the period. 34.18% of the stock is currently owned by institutional investors.

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.