CorMedix Inc (NASDAQ:CRMD) Given Consensus Rating of “Buy” by Brokerages

CorMedix Inc (NASDAQ:CRMD) has earned an average rating of “Buy” from the nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $15.8571.

CRMD has been the topic of several recent analyst reports. HC Wainwright dropped their price objective on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a report on Wednesday. Needham & Company LLC cut their price target on shares of CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Royal Bank Of Canada set a $13.00 price objective on shares of CorMedix and gave the stock an “outperform” rating in a research report on Wednesday. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th.

CorMedix Price Performance

Shares of NASDAQ CRMD opened at $7.27 on Monday. The stock has a market cap of $572.80 million, a price-to-earnings ratio of 3.53 and a beta of 1.36. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The firm’s 50-day simple moving average is $10.14 and its 200 day simple moving average is $11.22.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $0.48 by $0.78. The firm had revenue of $104.28 million during the quarter, compared to the consensus estimate of $65.63 million. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The company’s quarterly revenue was up 810.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) earnings per share. As a group, research analysts anticipate that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Alan W. Dunton sold 20,000 shares of the firm’s 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 completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total value of $475,200.00. Following the sale, the director owned 80,498 shares in the company, valued at $956,316.24. The trade was a 33.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 90,000 shares of company stock worth $1,095,200. 3.10% of the stock is owned by company insiders.

Institutional Trading of CorMedix

A number of large investors have recently added to or reduced their stakes in CRMD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in CorMedix by 4.7% in the first 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 raised its holdings in shares of CorMedix by 5.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company’s stock worth $338,000 after purchasing an additional 1,478 shares during the period. Palisades Investment Partners LLC raised its holdings in shares of CorMedix by 56.7% in the 2nd quarter. Palisades Investment Partners LLC now owns 562,527 shares of the company’s stock worth $6,930,000 after purchasing an additional 203,557 shares during the period. USA Financial Formulas purchased a new position in CorMedix in the second quarter valued at approximately $55,000. Finally, Allspring Global Investments Holdings LLC bought a new position in CorMedix during the second quarter valued at $165,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

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.