CorMedix Inc (NASDAQ:CRMD) Receives $15.00 Average Target Price from Analysts

Shares of CorMedix Inc (NASDAQ:CRMD) have been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $15.00.

Several brokerages have commented on CRMD. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research note on Tuesday, August 11th. Zacks Research raised CorMedix from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Royal Bank Of Canada raised 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 Friday, August 14th.

Institutional Trading of CorMedix

Institutional investors have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. raised its position in shares of CorMedix by 150.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock valued at $3,443,000 after acquiring an additional 263,618 shares in the last quarter. Vanguard Group Inc. boosted its holdings in CorMedix by 13.1% in the fourth quarter. Vanguard Group Inc. now owns 4,499,010 shares of the company’s stock worth $52,323,000 after purchasing an additional 521,352 shares during the period. BlackRock Inc. acquired a new position in CorMedix in the second quarter worth $49,644,000. Private Advisor Group LLC increased its stake in CorMedix by 33.3% during the first quarter. Private Advisor Group LLC now owns 504,668 shares of the company’s stock valued at $3,427,000 after purchasing an additional 126,131 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock valued at $3,942,000 after buying an additional 326,724 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Stock Performance

Shares of CRMD opened at $7.96 on Tuesday. CorMedix has a 1 year low of $6.13 and a 1 year high of $13.34. The stock has a market capitalization of $620.40 million, a PE ratio of 3.72 and a beta of 1.50. 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 stock has a 50-day simple moving average of $8.07 and a 200-day simple moving average of $7.74.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $101.93 million during the quarter, compared to the consensus estimate of $96.04 million. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. On average, analysts predict that CorMedix will post 0.54 earnings per share 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.