CorMedix Inc. (NASDAQ:CRMD) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of CorMedix Inc. (NASDAQ:CRMD) have earned a consensus recommendation of “Buy” from the five brokerages that are presently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have covered the stock in the last year is $15.80.

A number of brokerages have weighed in on CRMD. Truist Financial raised their target price on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC raised their price objective on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw initiated coverage on CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 target price for the company. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada upped their price objective on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday.

CorMedix Stock Down 3.4 %

Shares of CRMD stock opened at $8.57 on Friday. The business has a fifty day simple moving average of $10.35 and a 200 day simple moving average of $7.27. The company has a market cap of $520.00 million, a P/E ratio of -10.58 and a beta of 1.54. CorMedix has a twelve month low of $2.89 and a twelve month high of $13.85.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period last year, the company posted ($0.17) EPS. As a group, equities research analysts anticipate that CorMedix will post -0.46 earnings per share for the current fiscal year.

Insider Transactions at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the sale, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of CorMedix

A number of institutional investors have recently bought and sold shares of CRMD. Bank of New York Mellon Corp raised its position in shares of CorMedix by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in CorMedix during the second quarter worth approximately $44,000. Commonwealth Equity Services LLC increased its holdings in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares in the last quarter. Rhumbline Advisers lifted its stake in CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after buying an additional 11,339 shares during the period. Finally, Marshall Wace LLP lifted its stake in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after buying an additional 79,619 shares during the period. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

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.