CorMedix (NASDAQ:CRMD) Receives Market Outperform Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of CorMedix (NASDAQ:CRMD) in a research report report published on Tuesday,Benzinga reports. JMP Securities currently has a $22.00 target price on the stock.

A number of other brokerages have also recently issued reports on CRMD. Royal Bank Of Canada raised shares of CorMedix from an “outperform” rating to a “moderate buy” rating and raised their target price for the stock from $13.00 to $17.00 in a report on Friday, June 20th. D Boral Capital cut CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, June 30th. HC Wainwright cut their price target on CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Needham & Company LLC lifted their price target on CorMedix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 24th. Finally, Wall Street Zen cut CorMedix from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.00.

CorMedix Stock Up 2.2%

Shares of NASDAQ CRMD opened at $13.03 on Tuesday. The firm’s 50-day moving average price is $12.23 and its two-hundred day moving average price is $11.17. CorMedix has a 52-week low of $5.54 and a 52-week high of $17.43. The stock has a market capitalization of $972.69 million, a P/E ratio of 17.37 and a beta of 1.76.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The firm had revenue of $39.74 million for the quarter, compared to analysts’ expectations of $29.88 million. During the same quarter last year, the company posted ($0.25) earnings per share. CorMedix’s revenue was up 4830.1% on a year-over-year basis. As a group, equities research analysts expect that CorMedix will post -0.32 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new position in shares of CorMedix during the second quarter valued at approximately $42,000. SBI Securities Co. Ltd. increased its stake in shares of CorMedix by 699.7% during the first quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company’s stock valued at $54,000 after acquiring an additional 7,599 shares during the period. USA Financial Formulas acquired a new position in shares of CorMedix during the second quarter valued at approximately $55,000. Essex Financial Services Inc. acquired a new position in shares of CorMedix during the first quarter valued at approximately $63,000. Finally, EntryPoint Capital LLC acquired a new position in shares of CorMedix during the first quarter valued at approximately $66,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.