CorMedix Inc (NASDAQ:CRMD) Receives $14.86 Consensus PT from Brokerages

CorMedix Inc (NASDAQ:CRMD) has been assigned an average recommendation of “Moderate Buy” from the eight research firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $14.8571.

CRMD has been the subject of a number of analyst reports. Zacks Research upgraded CorMedix from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. Weiss Ratings raised CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, May 14th. Leerink Partners increased their target price on CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Citizens Jmp reiterated a “market outperform” rating and set a $19.00 target price on shares of CorMedix in a research report on Tuesday, April 28th. Finally, D. Boral Capital reissued a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Monday, April 27th.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $7.94 on Monday. The company has a market capitalization of $622.89 million, a P/E ratio of 3.73 and a beta of 1.48. CorMedix has a 1-year low of $6.13 and a 1-year high of $14.96. The firm’s 50 day simple moving average is $8.35 and its two-hundred day simple moving average is $7.73. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.08. The firm had revenue of $127.43 million during the quarter, compared to analysts’ expectations of $104.96 million. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. The company’s revenue for the quarter was up 226.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 earnings per share. Research analysts expect that CorMedix will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its stake in CorMedix by 22.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after acquiring an additional 1,190 shares during the last quarter. Gryphon Financial Partners LLC boosted its position in shares of CorMedix by 6.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock valued at $186,000 after acquiring an additional 1,618 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 valued at $222,000 after acquiring an additional 1,631 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of CorMedix by 6.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock valued at $310,000 after purchasing an additional 1,707 shares in the last quarter. Finally, Financial Management Professionals Inc. bought a new stake in CorMedix in the fourth quarter worth $25,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

CorMedix Company Profile

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.