CorMedix Inc (NASDAQ:CRMD) Receives $15.00 Average Target Price from Brokerages

Shares of CorMedix Inc (NASDAQ:CRMD) have received an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have issued a buy recommendation on 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.

A number of brokerages recently issued reports on CRMD. Royal Bank Of Canada set a $13.00 target price on shares of CorMedix and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. Leerink Partners reiterated an “outperform” rating and issued a $13.00 target price on shares of CorMedix in a research report on Friday, March 6th. HC Wainwright decreased their target price on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, January 23rd. Finally, D. Boral Capital restated a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research report on Wednesday, February 11th.

Hedge Funds Weigh In On CorMedix

Several large investors have recently made changes to their positions in CRMD. Financial Management Professionals Inc. bought a new position in shares of CorMedix during the 4th quarter valued at about $25,000. Comerica Bank boosted its holdings in shares of CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after buying an additional 2,205 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of CorMedix in the second quarter worth about $42,000. Kestra Advisory Services LLC acquired a new position in shares of CorMedix in the fourth quarter worth about $49,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of 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 buying an additional 3,813 shares during the period. Institutional investors own 34.18% of the company’s stock.

CorMedix Stock Performance

Shares of CRMD opened at $7.32 on Friday. The firm has a 50-day moving average price of $6.99 and a 200 day moving average price of $9.19. The firm has a market capitalization of $578.65 million, a PE ratio of 3.66 and a beta of 1.41. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. CorMedix has a 52-week low of $6.13 and a 52-week high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.70). The company had revenue of $128.62 million during the quarter, compared to the consensus estimate of $127.02 million. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The business’s quarterly revenue was up 312.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 EPS. On average, sell-side analysts anticipate that CorMedix will post -0.32 earnings per share for the current fiscal year.

CorMedix declared that its board has authorized a stock buyback plan on Monday, February 2nd that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management 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.