CorMedix Inc (NASDAQ:CRMD) Receives $18.33 Average Price Target from Brokerages

Shares of CorMedix Inc (NASDAQ:CRMD) have received a consensus rating of “Buy” from the ten research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $18.3333.

A number of analysts have commented on CRMD shares. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a report on Wednesday, October 8th. Needham & Company LLC reduced their price objective on CorMedix from $20.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Wall Street Zen lowered CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. HC Wainwright raised their price target on shares of CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $22.00 price target (up from $21.00) on shares of CorMedix in a research note on Tuesday, October 21st.

CorMedix Stock Down 0.8%

NASDAQ:CRMD opened at $11.17 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. The firm has a market cap of $880.08 million, a P/E ratio of 5.42 and a beta of 1.36. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The firm has a 50-day simple moving average of $11.11 and a two-hundred day simple moving average of $11.71.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.78. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The firm had revenue of $104.28 million for the quarter, compared to analysts’ expectations of $65.63 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The business’s revenue for the quarter was up 810.2% on a year-over-year basis. Analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total transaction of $475,200.00. Following the completion of the sale, the director owned 80,498 shares in the company, valued at approximately $956,316.24. This represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $12.00, for a total value of $360,000.00. Following the completion of the transaction, the chief executive officer directly owned 509,496 shares in the company, valued at $6,113,952. The trade was a 5.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 90,000 shares of company stock valued at $1,095,200 in the last quarter. 3.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CorMedix

Several institutional investors have recently made changes to their positions in CRMD. JPMorgan Chase & Co. grew its position in CorMedix by 176.7% during the third quarter. JPMorgan Chase & Co. now owns 97,228 shares of the company’s stock valued at $1,131,000 after buying an additional 62,085 shares during the period. Allworth Financial LP boosted its stake in shares of CorMedix by 694.9% during the 3rd quarter. Allworth Financial LP now owns 60,939 shares of the company’s stock worth $709,000 after acquiring an additional 53,273 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of CorMedix in the 3rd quarter worth $576,000. Caitong International Asset Management Co. Ltd increased its stake in shares of CorMedix by 666.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after purchasing an additional 3,813 shares in the last quarter. Finally, Oberweis Asset Management Inc. lifted its position in CorMedix by 62.0% during the third quarter. Oberweis Asset Management Inc. now owns 785,700 shares of the company’s stock valued at $9,138,000 after purchasing an additional 300,700 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

About CorMedix

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.