Analysts Set CorMedix Inc. (NASDAQ:CRMD) PT at $15.67

CorMedix Inc. (NASDAQ:CRMD) has been given a consensus recommendation of “Buy” by the six analysts that are presently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $15.67.

Several equities research analysts have recently weighed in on the company. StockNews.com upgraded CorMedix to a “sell” rating in a research report on Friday, November 8th. D. Boral Capital assumed coverage on CorMedix in a research report on Monday, January 13th. They set a “buy” rating and a $15.00 price target on the stock. Truist Financial upped their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC upped their price objective on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada upped their price objective on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th.

Insider Buying and Selling

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the transaction, the executive vice president now owns 45,397 shares in the company, valued at approximately $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CorMedix

A number of institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after purchasing an additional 13,171 shares in the last quarter. State Street Corp increased its holdings in shares of CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after acquiring an additional 10,204 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after acquiring an additional 169,397 shares in the last quarter. Wellington Management Group LLP increased 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 valued at $1,462,000 after acquiring an additional 102,527 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of CorMedix by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after acquiring an additional 25,677 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Stock Down 4.8 %

CRMD opened at $12.17 on Thursday. The stock has a market capitalization of $738.48 million, a price-to-earnings ratio of -15.02 and a beta of 1.56. CorMedix has a twelve month low of $2.89 and a twelve month high of $13.85. The company has a 50-day simple moving average of $9.76 and a 200 day simple moving average of $7.98.

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