CorMedix Inc. (NASDAQ:CRMD) Given Average Recommendation of “Buy” by Brokerages

Shares of CorMedix Inc. (NASDAQ:CRMD) have been assigned an average rating of “Buy” from the five research firms that are covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $15.20.

Several brokerages have recently weighed in on CRMD. StockNews.com upgraded CorMedix to a “sell” rating in a research report on Friday, November 8th. Rodman & Renshaw started coverage on shares of CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target on the stock. Needham & Company LLC raised their price objective on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Finally, Truist Financial upped their price target on shares of 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 CRMD opened at $9.86 on Wednesday. CorMedix has a 1 year low of $2.89 and a 1 year high of $13.85. The stock’s fifty day moving average price is $10.20 and its two-hundred day moving average price is $6.87. The firm has a market cap of $598.30 million, a PE ratio of -12.17 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to analysts’ expectations of $11.00 million. During the same period last year, the company earned ($0.17) earnings per share. Sell-side analysts anticipate that CorMedix will post -0.46 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. This represents a 75.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CorMedix

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its holdings in CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after buying an additional 1,625 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of CorMedix by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after acquiring an additional 2,562 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after acquiring an additional 2,700 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in CorMedix by 10.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after acquiring an additional 4,935 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after acquiring an additional 6,761 shares in the last quarter. 34.18% of the stock is 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.