CorMedix (NASDAQ:CRMD) Given “Outperform” Rating at Royal Bank of Canada

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

A number of other research analysts also recently issued reports on the stock. Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target on the stock. Needham & Company LLC cut their target price on shares of CorMedix from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday. Leerink Partnrs raised CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Finally, D. Boral Capital reissued a “buy” rating and issued a $15.00 price target on shares of CorMedix in a report on Tuesday. One equities research 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.14.

CorMedix Stock Down 6.3 %

Shares of NASDAQ CRMD opened at $6.71 on Wednesday. The stock’s 50 day moving average price is $10.54 and its two-hundred day moving average price is $9.88. CorMedix has a 52-week low of $3.61 and a 52-week high of $13.85. The stock has a market capitalization of $407.14 million, a P/E ratio of -8.28 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results 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 firm had revenue of $30.00 million for the quarter, compared to analyst estimates of $27.46 million. CorMedix’s quarterly revenue was up 29900.0% on a year-over-year basis. On average, analysts anticipate that CorMedix will post -0.32 EPS for the current year.

Institutional Investors Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently modified their holdings of CRMD. Intech Investment Management LLC acquired a new position in CorMedix during the 3rd quarter valued at about $119,000. FMR LLC lifted its position in CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares during the period. BNP Paribas Financial Markets boosted its stake in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after purchasing an additional 6,761 shares in the last quarter. Parallax Volatility Advisers L.P. acquired a new position in shares of CorMedix during the 3rd quarter valued at $648,000. Finally, State Street Corp raised its stake in shares of CorMedix by 0.8% in the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after buying an additional 10,204 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors.

CorMedix Company Profile

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.