CorMedix (NASDAQ:CRMD) Shares Up 3.6% – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s stock price shot up 3.6% during trading on Tuesday . The company traded as high as $9.56 and last traded at $9.50. 140,375 shares were traded during mid-day trading, a decline of 77% from the average session volume of 617,941 shares. The stock had previously closed at $9.17.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of CorMedix in a research report on Thursday, August 15th. Rodman & Renshaw initiated coverage on shares of CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Finally, Truist Financial lowered their price target on CorMedix from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $12.60.

CorMedix Price Performance

The business has a fifty day moving average of $6.07 and a 200 day moving average of $5.31. The stock has a market cap of $532.00 million, a PE ratio of -9.86 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.01. The company had revenue of $0.81 million during the quarter, compared to the consensus estimate of $0.75 million. During the same quarter last year, the firm posted ($0.25) EPS. On average, equities research analysts expect that CorMedix Inc. will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in shares of CorMedix in the 2nd quarter valued at about $44,000. Tidal Investments LLC acquired a new stake in shares of CorMedix in the 1st quarter worth about $60,000. Price T Rowe Associates Inc. MD lifted its position in CorMedix by 21.2% in 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 last quarter. SG Americas Securities LLC acquired a new position in CorMedix during the 3rd quarter valued at about $152,000. Finally, The Manufacturers Life Insurance Company grew its position in CorMedix by 13.2% in the 2nd 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 during the last quarter. Institutional investors own 34.18% of the company’s stock.

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.