CorMedix (NASDAQ:CRMD) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of CorMedix (NASDAQ:CRMD) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $12.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. D. Boral Capital reissued a “buy” rating and issued a $15.00 target price on shares of CorMedix in a report on Tuesday. Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 target price on the stock. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Finally, Needham & Company LLC cut their price objective on CorMedix from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.14.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $7.16 on Wednesday. CorMedix has a 1 year low of $3.61 and a 1 year high of $13.85. The stock has a market capitalization of $434.45 million, a price-to-earnings ratio of -8.84 and a beta of 1.53. The company’s 50 day simple moving average is $10.66 and its 200 day simple moving average is $9.90.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.05. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. The company’s revenue for the quarter was up 29900.0% on a year-over-year basis. As a group, analysts anticipate that CorMedix will post -0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRMD. Palisades Investment Partners LLC bought a new stake in shares of CorMedix in the 4th quarter valued at about $2,949,000. Two Sigma Investments LP lifted its stake in shares of CorMedix by 19.7% in the fourth quarter. Two Sigma Investments LP now owns 31,489 shares of the company’s stock worth $255,000 after acquiring an additional 5,189 shares during the period. Rafferty Asset Management LLC bought a new stake in CorMedix in the fourth quarter valued at approximately $120,000. ProShare Advisors LLC increased its position in CorMedix by 92.2% during the 4th quarter. ProShare Advisors LLC now owns 19,947 shares of the company’s stock valued at $162,000 after purchasing an additional 9,568 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in CorMedix by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock worth $1,393,000 after purchasing an additional 1,679 shares during the last quarter. 34.18% of the stock is 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.