Royal Bank Of Canada Has Lowered Expectations for CorMedix (NASDAQ:CRMD) Stock Price

CorMedix (NASDAQ:CRMD) had its price target cut by equities research analysts at Royal Bank Of Canada from $14.00 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 46.17% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Zacks Research upgraded CorMedix from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Citizens Jmp restated a “market outperform” rating and issued a $19.00 price objective on shares of CorMedix in a research report on Tuesday, April 28th. Leerink Partners boosted their price objective on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Needham & Company LLC upped their target price on shares of CorMedix from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, May 14th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.86.

CorMedix Stock Performance

Shares of CorMedix stock traded up $0.10 during trading hours on Tuesday, reaching $8.89. The company had a trading volume of 312,747 shares, compared to its average volume of 1,862,604. CorMedix has a one year low of $6.13 and a one year high of $14.96. The business has a fifty day simple moving average of $8.18 and a 200 day simple moving average of $8.05. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74. The firm has a market cap of $697.75 million, a PE ratio of 4.16 and a beta of 1.48.

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

Institutional Trading of CorMedix

Institutional investors and hedge funds have recently made changes to their positions in the stock. Financial Management Professionals Inc. purchased a new stake in CorMedix during the 4th quarter valued at about $25,000. Comerica Bank increased its stake in CorMedix by 454.6% in the 3rd 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. Canada Pension Plan Investment Board bought a new stake in CorMedix in the second quarter valued at approximately $42,000. Kestra Advisory Services LLC bought a new stake in CorMedix in the fourth quarter valued at approximately $49,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of CorMedix by 666.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after purchasing an additional 3,813 shares during the period. Hedge funds and other institutional investors own 34.18% of the company’s stock.

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.