Leerink Partnrs Upgrades CorMedix (NASDAQ:CRMD) to Strong-Buy

Leerink Partnrs upgraded shares of CorMedix (NASDAQ:CRMD) to a strong-buy rating in a research note issued to investors on Friday morning,Zacks.com reports.

Several other research firms have also issued reports on CRMD. Royal Bank of Canada lifted their price objective on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. D. Boral Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of CorMedix in a research note on Wednesday, March 5th. Leerink Partners began coverage on shares of CorMedix in a research note on Friday. They issued an “outperform” rating and a $18.00 price objective for the company. Finally, StockNews.com raised shares of CorMedix to a “sell” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $16.00.

CorMedix Trading Up 12.9 %

CorMedix stock opened at $10.71 on Friday. CorMedix has a 1-year low of $3.03 and a 1-year high of $13.85. The firm’s fifty day simple moving average is $10.54 and its 200-day simple moving average is $9.54. The company has a market capitalization of $649.85 million, a P/E ratio of -13.22 and a beta of 1.53.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRMD. Elliott Investment Management L.P. raised its holdings in CorMedix by 85.1% in the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after acquiring an additional 1,320,109 shares during the period. Palisades Investment Partners LLC bought a new position in shares of CorMedix during the 4th quarter worth about $2,949,000. J. Goldman & Co LP increased its holdings in shares of CorMedix by 221.1% during the 4th quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock worth $3,704,000 after purchasing an additional 314,880 shares during the period. Vanguard Group Inc. increased its holdings in shares of CorMedix by 10.1% during the 4th quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after purchasing an additional 309,514 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of CorMedix by 685.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after purchasing an additional 169,397 shares during the period. Institutional investors own 34.18% of the company’s stock.

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.