Leerink Partnrs Upgrades CorMedix (NASDAQ:CRMD) to “Strong-Buy”

Leerink Partnrs upgraded shares of CorMedix (NASDAQ:CRMD) to a strong-buy rating in a research report released on Friday morning,Zacks.com reports.

A number of other research analysts have also weighed in on CRMD. Royal Bank of Canada raised their price objective on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. D. Boral Capital reiterated a “buy” rating and issued a $15.00 target price on shares of CorMedix in a report on Wednesday. StockNews.com upgraded shares of CorMedix to a “sell” rating in a report on Friday, November 8th. Finally, Leerink Partners initiated coverage on shares of CorMedix in a report on Friday. They issued an “outperform” rating and a $18.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

CorMedix Trading Up 12.9 %

CorMedix stock opened at $10.71 on Friday. CorMedix has a 1-year low of $3.03 and a 1-year high of $13.85. The firm has a market capitalization of $649.85 million, a price-to-earnings ratio of -13.22 and a beta of 1.53. The firm’s fifty day moving average price is $10.54 and its two-hundred day moving average price is $9.48.

Institutional Trading of CorMedix

A number of large investors have recently added to or reduced their stakes in CRMD. Elliott Investment Management L.P. increased its holdings in CorMedix by 85.1% during the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after buying an additional 1,320,109 shares during the last quarter. Palisades Investment Partners LLC purchased a new stake in CorMedix during the fourth quarter worth about $2,949,000. J. Goldman & Co LP increased its holdings in CorMedix by 221.1% during the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock worth $3,704,000 after buying an additional 314,880 shares during the last quarter. Vanguard Group Inc. increased its holdings in CorMedix by 10.1% during the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after buying an additional 309,514 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after buying an additional 169,397 shares during the last quarter. Hedge funds and other 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.