CorMedix Inc. (NASDAQ:CRMD) Given Average Rating of "Buy" by Analysts

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) has received an average rating of "Buy" from the five research firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have covered the stock in the last year is $15.20.

A number of equities research analysts recently commented on the company. Needham & Company LLC lifted their target price on CorMedix from $10.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Rodman & Renshaw initiated coverage on shares of CorMedix in a research note on Monday, August 26th. They issued a "buy" rating and a $13.00 price objective for the company. StockNews.com raised CorMedix to a "sell" rating in a research report on Friday, November 8th. Truist Financial boosted their target price on shares of CorMedix from $12.00 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $9.00 price target on shares of CorMedix in a research report on Thursday, August 15th.

CorMedix Price Performance

CRMD traded up $0.12 during trading on Wednesday, hitting $9.90. 335,846 shares of the company traded hands, compared to its average volume of 738,765. The stock's fifty day moving average is $10.04 and its 200 day moving average is $6.78. CorMedix has a one year low of $2.89 and a one year high of $13.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (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 in the previous year, the company earned ($0.17) earnings per share. On average, research analysts expect that CorMedix will post -0.46 EPS for the current year.

Insider Buying and Selling

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The stock was 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 of the company's stock, valued at approximately $507,538.46. This trade represents a 75.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently bought and sold shares of CRMD. Vanguard Group Inc. raised its stake 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 valued at $12,416,000 after acquiring an additional 102,851 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company's stock worth $10,380,000 after acquiring an additional 13,171 shares during the last quarter. State Street Corp boosted its holdings in shares of CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company's stock worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company's stock valued at $1,462,000 after purchasing an additional 102,527 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company's stock valued at $688,000 after acquiring an additional 25,677 shares in 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.