Brokerages Set CorMedix Inc. (NASDAQ:CRMD) Price Target at $15.80

CorMedix Inc. (NASDAQ:CRMD) has received a consensus rating of “Buy” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have covered the stock in the last year is $15.80.

Several analysts have issued reports on CRMD shares. Needham & Company LLC upped their price objective on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Royal Bank of Canada boosted their target price 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. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Finally, Truist Financial raised their price objective on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd.

Insider Activity

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the sale, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. This trade represents a 75.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of CorMedix

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after acquiring an additional 169,397 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of CorMedix by 130.7% during 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. Parallax Volatility Advisers L.P. bought a new position in CorMedix during the third quarter valued at approximately $648,000. Marshall Wace LLP lifted its stake in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $8.50 on Friday. CorMedix has a 12 month low of $2.89 and a 12 month high of $13.85. The business has a 50-day moving average of $10.24 and a two-hundred day moving average of $7.34. The firm has a market capitalization of $515.75 million, a PE ratio of -10.49 and a beta of 1.54.

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 business had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same quarter last year, the firm posted ($0.17) EPS. As a group, research analysts anticipate that CorMedix will post -0.46 earnings per share for the current 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.