CorMedix (NASDAQ:CRMD) Shares Gap Up – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD) gapped up before the market opened on Friday . The stock had previously closed at $9.49, but opened at $9.95. CorMedix shares last traded at $10.08, with a volume of 58,424 shares traded.

Wall Street Analysts Forecast Growth

CRMD has been the topic of a number of research analyst reports. Royal Bank of Canada raised their price target on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Leerink Partnrs raised CorMedix to a “strong-buy” rating in a research report on Friday. Leerink Partners assumed coverage on CorMedix in a report on Friday. They set an “outperform” rating and a $18.00 price objective for the company. Finally, D. Boral Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

CorMedix Stock Up 12.9 %

The firm has a market capitalization of $649.85 million, a P/E ratio of -13.22 and a beta of 1.53. The stock has a fifty day moving average of $10.54 and a 200-day moving average of $9.51.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE lifted its position in shares of CorMedix by 1.9% in the fourth quarter. Bank of America Corp DE now owns 60,115 shares of the company’s stock valued at $487,000 after buying an additional 1,124 shares during the last quarter. FMR LLC lifted its position in shares of CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after buying an additional 1,625 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of CorMedix by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock valued at $1,393,000 after buying an additional 1,679 shares during the last quarter. AlphaMark Advisors LLC lifted its position in shares of CorMedix by 16.7% in the fourth quarter. AlphaMark Advisors LLC now owns 14,000 shares of the company’s stock valued at $113,000 after buying an additional 2,000 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of CorMedix by 2.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 149,834 shares of the company’s stock valued at $1,214,000 after buying an additional 3,221 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.