Truist Financial Raises CorMedix (NASDAQ:CRMD) Price Target to $17.00

CorMedix (NASDAQ:CRMD) had its price target increased by Truist Financial from $12.00 to $17.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research report on Thursday, August 15th. Rodman & Renshaw began coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of CorMedix in a research report on Thursday, August 15th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $13.60.

CorMedix Stock Up 7.5 %

Shares of CRMD stock opened at $12.04 on Tuesday. The business has a 50 day moving average of $7.47 and a two-hundred day moving average of $5.79. CorMedix has a 52 week low of $2.57 and a 52 week high of $12.10. The company has a market cap of $661.71 million, a P/E ratio of -12.95 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The company had revenue of $0.81 million during the quarter, compared to analyst estimates of $0.75 million. During the same quarter in the previous year, the firm earned ($0.25) earnings per share. Analysts expect that CorMedix will post -0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in CorMedix by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after purchasing an additional 2,562 shares in the last quarter. Marshall Wace LLP raised its holdings in CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after purchasing an additional 2,700 shares in the last quarter. Tidal Investments LLC bought a new position in shares of CorMedix in the first quarter valued at $60,000. Finally, Commonwealth Equity Services LLC increased its holdings in shares of CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after buying an additional 56,963 shares in the last quarter. 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.