Brokerages Set CorMedix Inc (NASDAQ:CRMD) Price Target at $18.00

Shares of CorMedix Inc (NASDAQ:CRMD) have earned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $18.00.

CRMD has been the subject of several research reports. D. Boral Capital cut shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Monday, June 30th. JMP Securities restated a “market outperform” rating and set a $22.00 price objective on shares of CorMedix in a research note on Tuesday, September 9th. HC Wainwright decreased their target price on shares of CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Royal Bank Of Canada upgraded shares of CorMedix from an “outperform” rating to a “moderate buy” rating and boosted their target price for the company from $13.00 to $17.00 in a research report on Friday, June 20th. Finally, Wall Street Zen raised CorMedix from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 13th.

CorMedix Stock Performance

Shares of NASDAQ CRMD opened at $11.12 on Tuesday. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The business has a 50-day simple moving average of $12.34 and a two-hundred day simple moving average of $11.30. The company has a market cap of $868.03 million, a PE ratio of 14.83 and a beta of 1.76.

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

Insider Activity

In related news, Director Alan W. Dunton sold 10,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the transaction, the director directly owned 40,250 shares in the company, valued at $528,482.50. The trade was a 19.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joseph Todisco sold 50,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $13.00, for a total transaction of $650,000.00. Following the completion of the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at approximately $6,623,448. This represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,997 shares of company stock valued at $2,163,617. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CorMedix

A number of large investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. raised its holdings in CorMedix by 11.9% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company’s stock worth $168,000 after purchasing an additional 1,451 shares during the period. Squarepoint Ops LLC raised its stake in shares of CorMedix by 337.9% during the 2nd quarter. Squarepoint Ops LLC now owns 290,832 shares of the company’s stock worth $3,583,000 after buying an additional 224,412 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of CorMedix by 1,088.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,032 shares of the company’s stock worth $111,000 after buying an additional 8,272 shares during the period. Militia Capital Partners LP acquired a new position in shares of CorMedix during the 2nd quarter worth approximately $1,232,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of CorMedix during the 2nd quarter worth approximately $5,115,000. 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.