Royal Bank of Canada Reiterates Outperform Rating for CorMedix (NASDAQ:CRMD)

CorMedix (NASDAQ:CRMD)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $12.00 price objective on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 78.84% from the stock’s current price.

A number of other research firms also recently commented on CRMD. Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 target price for the company. D. Boral Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a research note on Tuesday. Finally, Needham & Company LLC decreased their price objective on shares of CorMedix from $18.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and an average target price of $15.14.

CorMedix Stock Performance

CorMedix stock opened at $6.71 on Wednesday. CorMedix has a 1 year low of $3.61 and a 1 year high of $13.85. The firm has a 50 day moving average price of $10.54 and a 200 day moving average price of $9.88. The company has a market cap of $407.14 million, a price-to-earnings ratio of -8.28 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.05. The company had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $27.46 million. CorMedix’s revenue was up 29900.0% on a year-over-year basis. Sell-side analysts predict that CorMedix will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Elliott Investment Management L.P. lifted its holdings in CorMedix by 85.1% in the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after buying an additional 1,320,109 shares in the last quarter. Palisades Investment Partners LLC acquired a new position in shares of CorMedix in the fourth quarter worth about $2,949,000. J. Goldman & Co LP boosted its holdings in CorMedix by 221.1% in the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock valued at $3,704,000 after purchasing an additional 314,880 shares during the last quarter. Vanguard Group Inc. grew its stake in CorMedix by 10.1% during the 4th quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock valued at $27,363,000 after purchasing an additional 309,514 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in CorMedix by 685.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after purchasing an additional 169,397 shares during the last quarter. 34.18% of the stock is currently owned by hedge funds and other 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.