CorMedix Inc. (NASDAQ:CRMD) Receives $15.80 Consensus PT from Analysts

CorMedix Inc. (NASDAQ:CRMD) has earned an average recommendation of “Buy” from the five ratings firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have covered the stock in the last year is $15.80.

Several analysts have commented on CRMD shares. Royal Bank of Canada upped their target price on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. StockNews.com upgraded CorMedix to a “sell” rating in a report on Friday, November 8th. Needham & Company LLC upped their price target on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Truist Financial increased their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd.

CorMedix Price Performance

Shares of CorMedix stock opened at $8.33 on Friday. The firm has a 50 day simple moving average of $10.31 and a 200 day simple moving average of $7.31. CorMedix has a fifty-two week low of $2.89 and a fifty-two week high of $13.85. The firm has a market cap of $505.44 million, a P/E ratio of -10.28 and a beta of 1.54.

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

Insider Activity

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value 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 represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.20% of the stock is currently owned by insiders.

Institutional Trading of CorMedix

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in shares of CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after purchasing an additional 13,171 shares during the last quarter. Wellington Management Group LLP grew its holdings in CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after buying an additional 102,527 shares in the last quarter. State Street Corp increased its position in CorMedix by 0.8% during the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after buying an additional 10,204 shares during the period. Parallax Volatility Advisers L.P. acquired a new stake in shares of CorMedix during the third quarter worth $648,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of CorMedix by 130.3% during the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after buying an additional 6,761 shares in the last quarter. Institutional investors and hedge funds 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.