CorMedix (NASDAQ:CRMD) Reaches New 1-Year High – What’s Next?

Shares of CorMedix Inc. (NASDAQ:CRMD) reached a new 52-week high during trading on Thursday . The stock traded as high as $15.38 and last traded at $14.59, with a volume of 1953233 shares changing hands. The stock had previously closed at $14.89.

Analysts Set New Price Targets

A number of research firms have weighed in on CRMD. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of CorMedix in a report on Wednesday, March 26th. Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Wall Street Zen raised CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st. Needham & Company LLC increased their price target on CorMedix from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Finally, D. Boral Capital restated a “buy” rating and issued a $15.00 price objective on shares of CorMedix in a research report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.00.

CorMedix Trading Down 2.0%

The stock has a market cap of $987.53 million, a price-to-earnings ratio of -17.98 and a beta of 1.62. The firm’s 50-day moving average is $10.61 and its two-hundred day moving average is $10.05.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. The firm had revenue of $39.08 million for the quarter, compared to analysts’ expectations of $38.90 million. During the same quarter last year, the firm posted ($0.25) earnings per share. On average, analysts predict that CorMedix Inc. will post -0.32 earnings per share for the current year.

Institutional Trading of CorMedix

Several large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in CorMedix by 8.2% in the 4th quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company’s stock valued at $1,051,000 after purchasing an additional 9,782 shares in the last quarter. Barclays PLC raised its position in shares of CorMedix by 35.6% in the fourth quarter. Barclays PLC now owns 105,602 shares of the company’s stock valued at $855,000 after buying an additional 27,732 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of CorMedix by 1,398.2% in the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock worth $1,355,000 after buying an additional 156,086 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of CorMedix by 40.8% in the fourth quarter. JPMorgan Chase & Co. now owns 273,218 shares of the company’s stock worth $2,213,000 after buying an additional 79,110 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in CorMedix during the fourth quarter worth about $1,085,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

CorMedix Company Profile

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.