CorMedix (NASDAQ:CRMD) Shares Gap Up on Better-Than-Expected Earnings

Shares of CorMedix Inc (NASDAQ:CRMD) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $7.10, but opened at $8.39. CorMedix shares last traded at $8.7610, with a volume of 1,297,242 shares.

The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The business had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.

Analysts Set New Price Targets

Several research firms have recently commented on CRMD. Needham & Company LLC boosted their price target on shares of CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, April 27th. D. Boral Capital reaffirmed a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research report on Monday, April 27th. Citizens Jmp reiterated a “market outperform” rating and issued a $19.00 target price on shares of CorMedix in a research note on Tuesday, April 28th. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research report on Tuesday. Finally, Leerink Partners increased their price target 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. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, CorMedix presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.86.

Institutional Trading of CorMedix

Several large investors have recently made changes to their positions in CRMD. Quantbot Technologies LP bought a new position in shares of CorMedix in the 2nd quarter valued at approximately $85,000. Allworth Financial LP bought a new stake in CorMedix during the second quarter worth approximately $88,000. Planning Directions Inc. acquired a new position in CorMedix during the second quarter valued at approximately $157,000. BlackRock Inc. acquired a new position in CorMedix during the second quarter valued at approximately $49,644,000. Finally, Deutsche Bank AG bought a new position in shares of CorMedix in the second quarter valued at approximately $607,000. Institutional investors own 34.18% of the company’s stock.

CorMedix Stock Performance

The stock’s 50-day moving average price is $8.17 and its 200 day moving average price is $7.64. The company has a quick ratio of 2.74, a current ratio of 2.97 and a debt-to-equity ratio of 0.33. The company has a market cap of $660.80 million, a P/E ratio of 3.99 and a beta of 1.50.

About CorMedix

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.