CorMedix (NASDAQ:CRMD) Receives Market Outperform Rating from JMP Securities

JMP Securities reissued their market outperform rating on shares of CorMedix (NASDAQ:CRMD) in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a $22.00 price objective on the stock.

Several other equities research analysts have also commented on CRMD. Wall Street Zen lowered shares of CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Needham & Company LLC raised their price target on shares of CorMedix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 24th. Royal Bank Of Canada upgraded shares of CorMedix from an “outperform” rating to a “moderate buy” rating and raised their price target for the company from $13.00 to $17.00 in a research note on Friday, June 20th. HC Wainwright dropped their price target on shares of CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Finally, D. Boral Capital cut shares of CorMedix from a “buy” rating to a “hold” rating in a report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.00.

CorMedix Stock Performance

Shares of CorMedix stock opened at $13.09 on Tuesday. The firm has a market cap of $977.17 million, a PE ratio of 17.45 and a beta of 1.76. The firm’s 50-day simple moving average is $12.28 and its 200-day simple moving average is $11.20. CorMedix has a 1 year low of $5.60 and a 1 year high of $17.43.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. The business had revenue of $39.74 million for the quarter, compared to analyst estimates of $29.88 million. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The company’s revenue for the quarter was up 4830.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.25) EPS. On average, equities analysts predict that CorMedix will post -0.32 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Elizabeth Hurlburt sold 41,121 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total transaction of $537,862.68. Following the completion of the sale, the chief operating officer directly owned 176,990 shares in the company, valued at approximately $2,315,029.20. This trade represents a 18.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kaufman Beth Zelnick sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $13.41, for a total transaction of $670,500.00. Following the sale, the insider owned 180,418 shares of the company’s stock, valued at $2,419,405.38. The trade was a 21.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,997 shares of company stock worth $1,382,317 in the last quarter. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in CorMedix during the 2nd quarter worth approximately $42,000. USA Financial Formulas acquired a new stake in shares of CorMedix during the 2nd quarter valued at $55,000. Russell Investments Group Ltd. boosted its stake in shares of CorMedix by 22.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock valued at $81,000 after buying an additional 1,190 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of CorMedix by 17.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock valued at $81,000 after buying an additional 998 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in shares of CorMedix during the 2nd quarter valued at $92,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.