CorMedix (NASDAQ:CRMD) Upgraded to “Sell” at StockNews.com

StockNews.com upgraded shares of CorMedix (NASDAQ:CRMD) to a sell rating in a report published on Saturday morning.

Other analysts also recently issued reports about the company. Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 target price on shares of CorMedix in a research report on Thursday, August 15th. Rodman & Renshaw began coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 target price on the stock. Truist Financial boosted their target price on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC boosted their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.20.

CorMedix Stock Performance

CorMedix stock opened at $9.99 on Friday. CorMedix has a 1-year low of $2.57 and a 1-year high of $13.85. The stock’s 50 day moving average price is $8.55 and its 200 day moving average price is $6.15.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts forecast that CorMedix will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On CorMedix

A number of institutional investors have recently made changes to their positions in CRMD. Vanguard Group Inc. raised its holdings in shares of CorMedix by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after acquiring an additional 102,851 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in CorMedix by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after purchasing an additional 2,562 shares during the last quarter. Tidal Investments LLC acquired a new position in CorMedix in the first quarter valued at $60,000. Bank of New York Mellon Corp increased its stake in CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after purchasing an additional 25,677 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in CorMedix in the second quarter valued at $44,000. 34.18% of the stock is owned by institutional investors and hedge funds.

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.