CorMedix (NASDAQ:CRMD) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

CorMedix (NASDAQ:CRMD) had its target price boosted by Royal Bank Of Canada from $14.00 to $15.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price target would indicate a potential upside of 180.64% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Oppenheimer assumed coverage on shares of CorMedix in a research report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 price objective for the company. Needham & Company LLC upped their price objective on CorMedix from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Tuesday. UBS Group set a $19.00 target price on CorMedix in a report on Tuesday. Finally, Citigroup reiterated a “market outperform” rating on shares of CorMedix in a research report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, CorMedix currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.44.

CorMedix Stock Performance

Shares of NASDAQ CRMD traded down $0.12 during midday trading on Tuesday, hitting $5.34. 767,074 shares of the company’s stock traded hands, compared to its average volume of 1,602,320. The firm has a fifty day moving average of $7.45 and a 200 day moving average of $7.62. CorMedix has a 1 year low of $5.10 and a 1 year high of $13.02. 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 market capitalization of $416.59 million, a price-to-earnings ratio of 2.50, a price-to-earnings-growth ratio of 1.06 and a beta of 1.48.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data 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 for 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 forecast that CorMedix will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRMD. Alps Advisors Inc. purchased a new stake in CorMedix in the 3rd quarter worth $566,000. Kestra Advisory Services LLC lifted its position in shares of CorMedix by 38.6% in the third quarter. Kestra Advisory Services LLC now owns 17,950 shares of the company’s stock valued at $138,000 after acquiring an additional 5,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of CorMedix in the third quarter valued at about $31,000. Profund Advisors LLC boosted its stake in shares of CorMedix by 458.2% in the third quarter. Profund Advisors LLC now owns 127,465 shares of the company’s stock worth $981,000 after acquiring an additional 104,629 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of CorMedix by 13.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 14,222 shares of the company’s stock worth $113,000 after purchasing an additional 1,736 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company’s lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.