Analysts Set CorMedix Inc (NASDAQ:CRMD) Price Target at $15.00

Shares of CorMedix Inc (NASDAQ:CRMD) have been assigned an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $15.00.

CRMD has been the topic of several analyst reports. Zacks Research downgraded shares of CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. Needham & Company LLC reduced their price target on shares of CorMedix from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Royal Bank Of Canada set a $13.00 price objective on shares of CorMedix and gave the stock an “outperform” rating in a report on Wednesday, January 21st. HC Wainwright lowered their price objective on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Finally, Truist Financial set a $16.00 target price on CorMedix in a research note on Thursday, January 8th.

Insider Activity at CorMedix

In related news, Director Alan W. Dunton sold 20,000 shares of the stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total transaction of $260,000.00. Following the sale, the director directly owned 40,250 shares of the company’s stock, valued at $523,250. This trade represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On CorMedix

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Management Professionals Inc. bought a new stake in shares of CorMedix in the fourth quarter worth approximately $25,000. Comerica Bank lifted its position in CorMedix by 454.6% during the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock valued at $31,000 after purchasing an additional 2,205 shares during the period. Canada Pension Plan Investment Board bought a new position in CorMedix during the second quarter valued at approximately $42,000. Kestra Advisory Services LLC purchased a new stake in CorMedix in the fourth quarter worth approximately $49,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in CorMedix by 666.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after purchasing an additional 3,813 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

CRMD opened at $6.30 on Tuesday. The firm has a market cap of $498.02 million, a PE ratio of 3.15 and a beta of 1.31. The stock has a 50-day moving average price of $7.16 and a 200-day moving average price of $9.89. CorMedix has a 1 year low of $5.60 and a 1 year high of $17.43. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.11 and a quick ratio of 1.94.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Thursday, March 5th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.70). The firm had revenue of $128.62 million for the quarter, compared to analysts’ expectations of $127.02 million. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The business’s revenue for the quarter was up 312.1% compared to the same quarter last year. During the same period last year, the company posted $0.22 earnings per share. Sell-side analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

CorMedix declared that its Board of Directors has initiated a share repurchase plan on Monday, February 2nd that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.