CorMedix (NASDAQ:CRMD) Sets New 12-Month High – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD) shares hit a new 52-week high during trading on Monday . The company traded as high as $13.70 and last traded at $13.55, with a volume of 1359807 shares changing hands. The stock had previously closed at $13.04.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of CorMedix in a report on Thursday, August 15th. Rodman & Renshaw assumed coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Truist Financial boosted their target price on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.60.

CorMedix Stock Performance

The business’s 50 day moving average is $7.94 and its two-hundred day moving average is $5.95. The firm has a market capitalization of $746.89 million, a PE ratio of -14.30 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The firm had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $0.75 million. During the same quarter last year, the firm earned ($0.25) earnings per share. As a group, equities research analysts predict that CorMedix Inc. will post -0.58 EPS for the current year.

Institutional Trading of CorMedix

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of CorMedix by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after acquiring an additional 102,851 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares during the last quarter. Marshall Wace LLP lifted its stake in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after purchasing an additional 11,339 shares during the last quarter. 34.18% of the stock is 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.