Brokerages Set CorMedix Inc. (NASDAQ:CRMD) Target Price at $15.67

Shares of CorMedix Inc. (NASDAQ:CRMD) have been given a consensus rating of “Buy” by the six research firms that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $15.67.

A number of analysts have recently commented on the stock. Truist Financial boosted their price objective on shares of 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 boosted their price objective on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. D. Boral Capital assumed coverage on shares of CorMedix in a research report on Monday, January 13th. They issued a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC boosted their price objective on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, StockNews.com upgraded shares of CorMedix to a “sell” rating in a report on Friday, November 8th.

Insider Buying and Selling

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CorMedix

Several institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in shares of CorMedix by 685.5% in the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after acquiring an additional 169,397 shares in the last quarter. Wellington Management Group LLP lifted its position in CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares during the period. Parallax Volatility Advisers L.P. bought a new stake in CorMedix during the third quarter worth about $648,000. Marshall Wace LLP lifted its position in CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares during the period. 34.18% of the stock is currently owned by institutional investors and hedge funds.

CorMedix Stock Down 4.8 %

Shares of CRMD stock opened at $12.17 on Thursday. CorMedix has a 12-month low of $2.89 and a 12-month high of $13.85. The company has a market capitalization of $738.48 million, a P/E ratio of -15.02 and a beta of 1.56. The firm has a 50-day moving average price of $9.76 and a 200 day moving average price of $7.98.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same quarter in the previous 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 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.