CorMedix Inc. (NASDAQ:CRMD) Given Consensus Recommendation of “Buy” by Analysts

CorMedix Inc. (NASDAQ:CRMD) has been given an average recommendation of “Buy” by the seven brokerages that are covering the stock, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $15.00.

Several research firms recently weighed in on CRMD. Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Needham & Company LLC lifted their target price on CorMedix from $12.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $12.00 price target on shares of CorMedix in a research note on Wednesday, March 26th. Leerink Partners initiated coverage on CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 target price on the stock. Finally, StockNews.com upgraded CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st.

CorMedix Trading Up 0.5%

Shares of CorMedix stock opened at $12.82 on Wednesday. The firm has a fifty day simple moving average of $8.91 and a 200-day simple moving average of $9.75. CorMedix has a 1-year low of $3.61 and a 1-year high of $13.85. The stock has a market capitalization of $869.52 million, a price-to-earnings ratio of -15.83 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.05. The firm had revenue of $39.08 million during the quarter, compared to the consensus estimate of $38.90 million. During the same period in the previous year, the company posted ($0.25) EPS. As a group, research analysts predict that CorMedix will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

Several institutional investors have recently added to or reduced their stakes in CRMD. Bank of America Corp DE grew its holdings in CorMedix by 1.9% during the fourth quarter. Bank of America Corp DE now owns 60,115 shares of the company’s stock worth $487,000 after buying an additional 1,124 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of CorMedix by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock worth $222,000 after acquiring an additional 1,631 shares during the period. Nuveen Asset Management LLC grew its stake in shares of CorMedix by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock worth $1,393,000 after acquiring an additional 1,679 shares during the period. AlphaMark Advisors LLC grew its stake in shares of CorMedix by 16.7% during the 4th quarter. AlphaMark Advisors LLC now owns 14,000 shares of the company’s stock worth $113,000 after acquiring an additional 2,000 shares during the period. Finally, Sigma Planning Corp grew its stake in shares of CorMedix by 7.8% during the 1st quarter. Sigma Planning Corp now owns 36,305 shares of the company’s stock worth $224,000 after acquiring an additional 2,612 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

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.