CorMedix Inc. (NASDAQ:CRMD) Given Average Recommendation of “Buy” by Brokerages

Shares of CorMedix Inc. (NASDAQ:CRMD) have earned a consensus recommendation of “Buy” from the five analysts that are presently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have covered the stock in the last year is $15.20.

Several analysts have issued reports on the stock. Needham & Company LLC increased their target price on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Rodman & Renshaw initiated coverage on CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Truist Financial upped their target price on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Finally, StockNews.com upgraded shares of CorMedix to a “sell” rating in a research report on Friday, November 8th.

CorMedix Stock Performance

NASDAQ:CRMD opened at $9.78 on Wednesday. CorMedix has a 52-week low of $2.89 and a 52-week high of $13.85. The business’s fifty day moving average is $10.04 and its 200 day moving average is $6.78. The firm has a market cap of $593.45 million, a price-to-earnings ratio of -12.07 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. Equities analysts predict that CorMedix will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in shares of CorMedix by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after acquiring an additional 13,171 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares during the period. State Street Corp grew its holdings 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 worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Parallax Volatility Advisers L.P. purchased a new position in shares of CorMedix in the third quarter worth $648,000. Finally, BNP Paribas Financial Markets raised its holdings in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after buying an additional 6,761 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.