CorMedix (NASDAQ:CRMD) Trading Up 5.9% Following Analyst Upgrade

CorMedix Inc. (NASDAQ:CRMD)’s share price traded up 5.9% during mid-day trading on Thursday after Royal Bank of Canada raised their price target on the stock from $11.00 to $12.00. Royal Bank of Canada currently has an outperform rating on the stock. CorMedix traded as high as $8.75 and last traded at $8.60. 128,102 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 742,735 shares. The stock had previously closed at $8.12.

A number of other analysts also recently issued reports on CRMD. 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 objective on the stock. Needham & Company LLC lifted their price target on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Truist Financial increased their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com upgraded CorMedix to a “sell” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.80.

Insiders Place Their Bets

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’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 transaction of $1,565,501.86. Following the transaction, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRMD. Wellington Management Group LLP boosted its holdings in shares of CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after acquiring an additional 102,527 shares during the period. Parallax Volatility Advisers L.P. acquired a new stake in CorMedix during the 3rd quarter worth approximately $648,000. Marshall Wace LLP boosted its stake in CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after purchasing an additional 79,619 shares during the period. Commonwealth Equity Services LLC grew its holdings in CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after buying an additional 56,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in CorMedix during the 2nd quarter worth $138,000. 34.18% of the stock is currently owned by institutional investors.

CorMedix Trading Down 3.4 %

The firm has a 50-day simple moving average of $10.35 and a two-hundred day simple moving average of $7.26. The stock has a market cap of $520.00 million, a P/E ratio of -10.58 and a beta of 1.54.

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

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.