CorMedix Inc. (NASDAQ:CRMD) Given Average Rating of “Buy” by Analysts

Shares of CorMedix Inc. (NASDAQ:CRMD) have been given an average rating of “Buy” by the five ratings firms that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $15.20.

Several research firms have weighed in on CRMD. Truist Financial raised their price target on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a report on Thursday, August 15th. Needham & Company LLC upped 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. Rodman & Renshaw started coverage on shares of CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 target price on the stock. Finally, StockNews.com raised shares of CorMedix to a “sell” rating in a report on Saturday.

CorMedix Stock Down 0.6 %

NASDAQ CRMD opened at $9.99 on Friday. CorMedix has a 52 week low of $2.57 and a 52 week high of $13.85. The company has a market capitalization of $577.02 million, a P/E ratio of -12.33 and a beta of 1.61. The stock’s 50-day moving average price is $8.55 and its 200-day moving average price is $6.14.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned ($0.17) EPS. Research analysts anticipate that CorMedix will post -0.59 EPS for the current year.

Hedge Funds Weigh In On CorMedix

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of CorMedix by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after purchasing an additional 102,851 shares during the last quarter. Marshall Wace LLP increased its stake in CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after buying an additional 79,619 shares during the period. Commonwealth Equity Services LLC increased its stake in CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after buying an additional 56,963 shares during the period. Sanctuary Advisors LLC bought a new stake in CorMedix during the 2nd quarter valued at about $138,000. Finally, Bank of New York Mellon Corp grew its stake in CorMedix by 19.3% in 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 in the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

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.