Analysts Set CorMedix Inc. (NASDAQ:CRMD) Target Price at $15.20

CorMedix Inc. (NASDAQ:CRMD) has earned an average recommendation of “Buy” from the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have covered the stock in the last year is $15.20.

Several research analysts have weighed in on the company. Truist Financial boosted their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada restated an “outperform” rating and set a $9.00 price target on shares of CorMedix in a research report on Thursday, August 15th. StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Rodman & Renshaw initiated coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 target price for the company. Finally, Needham & Company LLC lifted their price target on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st.

Insider Activity at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the sale, the executive vice president now directly owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently bought and sold shares of CRMD. FMR LLC lifted its position in CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after buying an additional 1,625 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after acquiring an additional 2,562 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after acquiring an additional 2,700 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in CorMedix by 10.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock worth $422,000 after acquiring an additional 4,935 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in CorMedix by 130.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after purchasing an additional 6,761 shares during the period. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

Shares of CRMD stock opened at $9.86 on Wednesday. CorMedix has a one year low of $2.89 and a one year high of $13.85. The company has a market cap of $598.30 million, a P/E ratio of -12.17 and a beta of 1.58. The firm has a 50-day moving average of $10.20 and a 200-day moving average of $6.85.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the business posted ($0.17) EPS. As a group, research analysts expect that CorMedix will post -0.46 earnings per share for the current fiscal year.

About CorMedix

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.