CorMedix (NASDAQ:CRMD) Trading Up 5.9% Following Analyst Upgrade

Shares of CorMedix Inc. (NASDAQ:CRMD) shot up 5.9% on Thursday after Royal Bank of Canada raised their price target on the stock from $11.00 to $12.00. Royal Bank of Canada currently has an outperform rating on the stock. CorMedix traded as high as $8.75 and last traded at $8.60. 128,102 shares changed hands during trading, a decline of 83% from the average session volume of 742,735 shares. The stock had previously closed at $8.12.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC boosted their price objective on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw assumed coverage on shares of CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price objective on the stock. StockNews.com raised CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, Truist Financial upped their target price on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $15.80.

Insider Buying and Selling

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the sale, the executive vice president now owns 45,397 shares in the company, valued at $507,538.46. This trade represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently bought and sold shares of CRMD. Wellington Management Group LLP grew its holdings in shares of CorMedix by 130.7% during the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares during the period. Parallax Volatility Advisers L.P. purchased a new stake in shares of CorMedix during the 3rd quarter valued at about $648,000. Marshall Wace LLP lifted its position in CorMedix by 109.6% during the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in CorMedix in the 2nd quarter worth $138,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

CorMedix Trading Up 9.2 %

The company has a market capitalization of $538.20 million, a PE ratio of -10.95 and a beta of 1.54. The business’s 50-day simple moving average is $10.38 and its two-hundred day simple moving average is $7.23.

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

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.