CorMedix (NASDAQ:CRMD) Shares Up 7.3% Following Analyst Upgrade

CorMedix Inc (NASDAQ:CRMD) was up 7.3% during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from $13.00 to $14.00. Royal Bank Of Canada currently has an outperform rating on the stock. CorMedix traded as high as $7.96 and last traded at $8.0940. 504,853 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,727,043 shares. The stock had previously closed at $7.54.

CRMD has been the topic of several other research reports. D. Boral Capital reaffirmed a “buy” rating and set a $14.00 target price on shares of CorMedix in a research report on Monday, April 27th. Leerink Partners upped their target price on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research note on Tuesday, August 11th. Needham & Company LLC lifted their price objective on shares of CorMedix from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, Zacks Research raised shares of CorMedix from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. raised its holdings in CorMedix by 22.2% in the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after purchasing an additional 1,190 shares during the period. Gryphon Financial Partners LLC raised its stake in CorMedix by 6.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock worth $186,000 after buying an additional 1,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in CorMedix by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock worth $222,000 after acquiring an additional 1,631 shares in the last quarter. Financial Management Professionals Inc. acquired a new position in CorMedix in the fourth quarter valued at about $25,000. Finally, Comerica Bank raised its position in shares of CorMedix by 454.6% during the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares during the period. Institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

The company has a 50-day moving average of $8.14 and a 200-day moving average of $7.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56. The firm has a market capitalization of $630.85 million, a price-to-earnings ratio of 3.77 and a beta of 1.50.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $101.93 million during the quarter, compared to analysts’ expectations of $96.04 million. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. As a group, research analysts anticipate that CorMedix Inc will post 0.54 EPS for the current fiscal year.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.