CorMedix Inc (NASDAQ:CRMD) Receives Average Rating of “Moderate Buy” from Analysts

Shares of CorMedix Inc (NASDAQ:CRMD) have been assigned an average rating of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $15.00.

A number of research analysts recently commented on the company. Citizens Jmp reiterated a “market outperform” rating and issued a $19.00 price objective on shares of CorMedix in a report on Tuesday, April 28th. D. Boral Capital reissued a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Monday, April 27th. Weiss Ratings upgraded CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Leerink Partners upped their price target on CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Finally, Zacks Research upgraded CorMedix from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th.

CorMedix Price Performance

CorMedix stock opened at $8.47 on Thursday. The company has a current ratio of 2.97, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $8.10 and a 200 day moving average price of $8.10. CorMedix has a 12-month low of $6.13 and a 12-month high of $14.96. The stock has a market cap of $664.47 million, a P/E ratio of 3.98 and a beta of 1.48.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Thursday, May 14th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.08. The company had revenue of $127.43 million for the quarter, compared to analyst estimates of $104.96 million. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. CorMedix’s revenue was up 226.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 EPS. Sell-side analysts anticipate that CorMedix will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Deerfield Management Company L.P. acquired a new stake in shares of CorMedix during the third quarter valued at about $38,656,000. Marshall Wace LLP lifted its holdings in shares of CorMedix by 34.6% in the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock worth $40,397,000 after acquiring an additional 893,518 shares during the last quarter. UBS Group AG boosted its position in shares of CorMedix by 295.3% during the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock worth $12,687,000 after purchasing an additional 814,964 shares during the period. Jump Financial LLC acquired a new stake in CorMedix in the 3rd quarter valued at approximately $9,003,000. Finally, Goldman Sachs Group Inc. increased its holdings in CorMedix by 259.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company’s stock valued at $9,639,000 after purchasing an additional 597,971 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

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.