Analysts Set CorMedix Inc. (NASDAQ:CRMD) Price Target at $15.67

CorMedix Inc. (NASDAQ:CRMD) has been given a consensus rating of “Buy” by the six research firms that are currently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $15.67.

Several analysts recently weighed in on CRMD shares. StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. Truist Financial upped their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC upped their target price on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada upped their target price on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of CorMedix in a report on Wednesday.

CorMedix Stock Down 1.5 %

Shares of CorMedix stock opened at $12.30 on Thursday. The firm has a market cap of $746.36 million, a P/E ratio of -15.18 and a beta of 1.56. CorMedix has a fifty-two week low of $2.89 and a fifty-two week high of $13.85. The business has a 50-day moving average price of $9.78 and a 200 day moving average price of $8.12.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data 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 firm had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. As a group, equities research analysts anticipate that CorMedix will post -0.32 earnings per share for the current year.

Insider Transactions at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after purchasing an additional 13,171 shares during the period. State Street Corp lifted its position in 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 period. JPMorgan Chase & Co. lifted its position in CorMedix by 685.5% in the third 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. Wellington Management Group LLP lifted its position in CorMedix by 130.7% in the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares during the period. 34.18% of the stock is currently owned by institutional investors and hedge funds.

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.