CorMedix (NASDAQ:CRMD) Shares Gap Up – Still a Buy?

CorMedix Inc. (NASDAQ:CRMD) gapped up prior to trading on Wednesday . The stock had previously closed at $9.67, but opened at $9.87. CorMedix shares last traded at $9.55, with a volume of 370,507 shares traded.

Analyst Ratings Changes

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

CorMedix Price Performance

The company has a market cap of $533.10 million, a P/E ratio of -10.40 and a beta of 1.61. The business’s 50 day moving average price is $6.18 and its 200-day moving average price is $5.35.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to analyst estimates of $0.75 million. During the same quarter last year, the business posted ($0.25) earnings per share. As a group, research analysts forecast that CorMedix Inc. will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in shares of CorMedix during the second quarter valued at $44,000. Tidal Investments LLC acquired a new stake in shares of CorMedix during the 1st quarter worth approximately $60,000. Price T Rowe Associates Inc. MD boosted its stake in CorMedix by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after acquiring an additional 2,562 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of CorMedix in the 3rd quarter worth $152,000. Finally, The Manufacturers Life Insurance Company increased its holdings 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 purchasing an additional 2,700 shares during the last quarter. 34.18% of the stock is currently owned by institutional investors.

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.