CorMedix (NASDAQ:CRMD) Stock Price Up 5.9% on Analyst Upgrade

CorMedix Inc. (NASDAQ:CRMD)’s stock price traded up 5.9% on Thursday after Royal Bank of Canada raised their price target on the stock from $11.00 to $12.00. Royal Bank of Canada currently has an outperform rating on the stock. CorMedix traded as high as $8.75 and last traded at $8.60. 128,102 shares traded hands during trading, a decline of 83% from the average session volume of 742,735 shares. The stock had previously closed at $8.12.

Several other research firms have also recently weighed in on CRMD. Needham & Company LLC upped their price objective on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. 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 objective on the stock. StockNews.com upgraded CorMedix to a “sell” rating in a research note on Friday, November 8th. Finally, Truist Financial lifted 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. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, CorMedix has an average rating of “Moderate Buy” and a consensus price target of $15.80.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the sale, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. This trade represents a 75.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.20% of the stock is owned by insiders.

Hedge Funds Weigh In On CorMedix

Several large investors have recently modified their holdings of CRMD. Geode Capital Management LLC grew its stake in shares of CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after purchasing an additional 13,171 shares during the last quarter. Wellington Management Group LLP grew its position in shares of CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after buying an additional 102,527 shares during the last quarter. State Street Corp increased 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 during the period. Parallax Volatility Advisers L.P. bought a new position in shares of CorMedix during the third quarter worth about $648,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after acquiring an additional 6,761 shares during the period. Institutional investors own 34.18% of the company’s stock.

CorMedix Trading Down 3.4 %

The business’s 50-day simple moving average is $10.35 and its two-hundred day simple moving average is $7.26. The firm has a market cap of $520.00 million, a price-to-earnings ratio of -10.58 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, analysts forecast that CorMedix Inc. will post -0.46 earnings per share for the current fiscal 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.