Brokerages Set CorMedix Inc. (NASDAQ:CRMD) Target Price at $15.20

Shares of CorMedix Inc. (NASDAQ:CRMD) have been given a consensus rating of “Buy” by the five ratings firms that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have covered the stock in the last year is $15.20.

Several research analysts have recently commented on CRMD shares. Rodman & Renshaw began coverage on shares of CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target for the company. Truist Financial raised their price target 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. StockNews.com raised CorMedix to a “sell” rating in a research note on Saturday. Royal Bank of Canada restated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Finally, Needham & Company LLC boosted their price target on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st.

Hedge Funds Weigh In On CorMedix

A number of large investors have recently bought and sold shares of CRMD. Price T Rowe Associates Inc. MD lifted its stake in shares of CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after buying an additional 2,562 shares during the last quarter. Marshall Wace LLP lifted its position in shares of CorMedix by 109.6% during the 2nd 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 period. The Manufacturers Life Insurance Company boosted its stake in CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares in the last quarter. Tidal Investments LLC bought a new position in shares of CorMedix in the first quarter worth about $60,000. Finally, Commonwealth Equity Services LLC boosted 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 valued at $410,000 after buying an additional 56,963 shares in the last quarter. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $9.59 on Friday. The stock has a market cap of $581.89 million, a P/E ratio of -11.84 and a beta of 1.58. CorMedix has a 1-year low of $2.57 and a 1-year high of $13.85. The firm has a fifty day moving average price of $8.62 and a 200 day moving average price of $6.18.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same period in the previous year, the company posted ($0.17) EPS. Sell-side analysts expect that CorMedix will post -0.59 EPS for the current fiscal year.

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.