CorMedix (NASDAQ:CRMD) Stock Rating Upgraded by Leerink Partnrs

CorMedix (NASDAQ:CRMD) was upgraded by equities research analysts at Leerink Partnrs to a “strong-buy” rating in a research note issued on Friday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Leerink Partners started coverage on shares of CorMedix in a report on Friday. They issued an “outperform” rating and a $18.00 target price for the company. Royal Bank of Canada increased their price objective on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. StockNews.com raised shares of CorMedix to a “sell” rating in a report on Friday, November 8th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of CorMedix in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

CorMedix Stock Up 12.9 %

Shares of NASDAQ:CRMD opened at $10.71 on Friday. The firm’s 50 day moving average price is $10.54 and its 200-day moving average price is $9.51. CorMedix has a twelve month low of $3.03 and a twelve month high of $13.85. The stock has a market capitalization of $649.85 million, a PE ratio of -13.22 and a beta of 1.53.

Hedge Funds Weigh In On CorMedix

Several institutional investors have recently made changes to their positions in CRMD. Elliott Investment Management L.P. grew its stake in CorMedix by 85.1% in the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock valued at $23,252,000 after purchasing an additional 1,320,109 shares during the last quarter. Palisades Investment Partners LLC acquired a new position in shares of CorMedix during the fourth quarter valued at about $2,949,000. J. Goldman & Co LP increased its holdings in shares of CorMedix by 221.1% during the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock valued at $3,704,000 after acquiring an additional 314,880 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of CorMedix by 10.1% during the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock valued at $27,363,000 after acquiring an additional 309,514 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after acquiring an additional 169,397 shares in the last quarter. Hedge funds and other 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.