CorMedix (NASDAQ:CRMD) Shares Up 1.6%

CorMedix Inc. (NASDAQ:CRMD)’s stock price traded up 1.6% during trading on Monday . The company traded as high as $7.11 and last traded at $7.06. 707,355 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 592,458 shares. The stock had previously closed at $6.95.

Wall Street Analyst Weigh In

A number of analysts recently commented 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of CorMedix in a report on Thursday, August 15th. Rodman & Renshaw began coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Finally, Truist Financial reduced their price objective on shares of CorMedix from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $12.60.

CorMedix Stock Performance

The company’s fifty day moving average price is $5.12 and its 200-day moving average price is $4.87. The stock has a market cap of $388.01 million, a P/E ratio of -7.59 and a beta of 1.59.

CorMedix (NASDAQ:CRMD) last released 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 business had revenue of $0.81 million for the quarter, compared to the consensus estimate of $0.75 million. During the same period in the prior year, the company posted ($0.25) EPS. Analysts anticipate that CorMedix Inc. will post -0.58 earnings per share for the current fiscal year.

Institutional Trading of CorMedix

Institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. bought a new position in CorMedix in the second quarter worth approximately $44,000. Tidal Investments LLC purchased a new stake in CorMedix in the first quarter worth about $60,000. Price T Rowe Associates Inc. MD increased its position in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after purchasing an additional 2,562 shares during the period. Beacon Pointe Advisors LLC purchased a new stake in shares of CorMedix in the 4th quarter worth approximately $90,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after purchasing an additional 2,700 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.