Leerink Partners Initiates Coverage on CorMedix (NASDAQ:CRMD)

Leerink Partners started coverage on shares of CorMedix (NASDAQ:CRMD) in a research report issued on Friday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $18.00 price target on the stock. Leerink Partners’ price objective indicates a potential upside of 68.07% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Royal Bank of Canada increased their price target on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. D. Boral Capital reissued a “buy” rating and set a $15.00 target price on shares of CorMedix in a research note on Wednesday. Finally, StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

CorMedix Stock Up 12.9 %

Shares of NASDAQ:CRMD opened at $10.71 on Friday. The stock has a market cap of $649.85 million, a P/E ratio of -13.22 and a beta of 1.53. CorMedix has a 52-week low of $3.03 and a 52-week high of $13.85. The business has a fifty day moving average of $10.54 and a two-hundred day moving average of $9.51.

Institutional Investors Weigh In On CorMedix

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in CorMedix by 685.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after purchasing an additional 169,397 shares in the last quarter. New York State Common Retirement Fund raised its position in CorMedix by 1,398.2% in the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock valued at $1,355,000 after purchasing an additional 156,086 shares in the last quarter. State Street Corp raised its position in CorMedix by 0.8% in the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after purchasing an additional 10,204 shares in the last quarter. FMR LLC increased its holdings in shares of CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after acquiring an additional 1,625 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of CorMedix by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after acquiring an additional 13,171 shares during the last quarter. 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.