CorMedix (NASDAQ:CRMD) PT Raised to $17.00 at Truist Financial

CorMedix (NASDAQ:CRMD) had its price objective hoisted by research analysts at Truist Financial from $12.00 to $17.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 44.31% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Finally, Rodman & Renshaw began coverage on shares of CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $13.60.

CorMedix Trading Up 5.2 %

NASDAQ CRMD traded up $0.58 during trading hours on Tuesday, hitting $11.78. The company’s stock had a trading volume of 806,163 shares, compared to its average volume of 638,835. The company has a market capitalization of $647.42 million, a PE ratio of -12.77 and a beta of 1.61. CorMedix has a 52 week low of $2.57 and a 52 week high of $11.79. The company’s 50-day simple moving average is $7.30 and its two-hundred day simple moving average is $5.74.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.01. The company had revenue of $0.81 million for the quarter, compared to the consensus estimate of $0.75 million. During the same quarter last year, the company posted ($0.25) EPS. Research analysts anticipate that CorMedix will post -0.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of CorMedix by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after acquiring an additional 2,562 shares during the period. The Manufacturers Life Insurance Company boosted its stake in CorMedix by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after purchasing an additional 2,700 shares during the period. Principal Financial Group Inc. purchased a new position in CorMedix during the 2nd quarter valued at about $44,000. Rhumbline Advisers increased its position in shares of CorMedix by 18.0% during 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, AlphaMark Advisors LLC purchased a new stake in shares of CorMedix in the third quarter worth about $97,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

About CorMedix

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.