CorMedix (NASDAQ:CRMD) Upgraded to Sell at StockNews.com

CorMedix (NASDAQ:CRMD) was upgraded by investment analysts at StockNews.com to a “sell” rating in a research note issued on Friday.

Several other equities analysts have also recently weighed in on the stock. Truist Financial raised their price target on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Rodman & Renshaw assumed coverage on shares of CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Finally, Needham & Company LLC raised their price target 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. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.20.

CorMedix Stock Performance

NASDAQ CRMD opened at $10.63 on Friday. The business has a 50 day simple moving average of $8.87 and a 200 day simple moving average of $6.27. CorMedix has a 52-week low of $2.57 and a 52-week high of $13.85. The stock has a market cap of $645.03 million, a price-to-earnings ratio of -13.12 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same period in the previous year, the company posted ($0.17) earnings per share. On average, analysts predict that CorMedix will post -0.46 EPS for the current year.

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently added to or reduced their stakes in CRMD. Vanguard Group Inc. lifted its holdings in CorMedix by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after purchasing an additional 102,851 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings 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 last quarter. Tidal Investments LLC acquired a new stake in CorMedix during the 1st quarter valued at $60,000. Bank of New York Mellon Corp lifted its holdings in CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after purchasing an additional 25,677 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in CorMedix during the 2nd quarter valued at $44,000. Institutional investors and hedge funds 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.