Leerink Partners Initiates Coverage on CorMedix (NASDAQ:CRMD)

Equities researchers at Leerink Partners assumed coverage on shares of CorMedix (NASDAQ:CRMD - Get Free Report) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage set an "outperform" rating and a $18.00 price target on the stock. Leerink Partners' price objective points to a potential upside of 69.97% from the company's current price.

A number of other equities research analysts have also recently weighed in on CRMD. D. Boral Capital reaffirmed a "buy" rating and set a $15.00 price target on shares of CorMedix in a report on Wednesday, March 5th. Royal Bank of Canada lifted their price target on CorMedix from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Thursday, December 19th. Finally, StockNews.com upgraded shares of CorMedix to a "sell" rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $16.00.

CorMedix Stock Down 1.3 %

NASDAQ:CRMD traded down $0.14 on Friday, reaching $10.59. The stock had a trading volume of 944,536 shares, compared to its average volume of 1,086,683. The company has a market capitalization of $642.57 million, a P/E ratio of -13.07 and a beta of 1.53. CorMedix has a 1-year low of $3.03 and a 1-year high of $13.85. The stock has a fifty day moving average price of $10.60 and a 200-day moving average price of $9.58.

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Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of CorMedix by 685.5% in the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company's stock valued at $1,568,000 after purchasing an additional 169,397 shares during the last quarter. New York State Common Retirement Fund lifted its position in CorMedix by 1,398.2% during the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock worth $1,355,000 after acquiring an additional 156,086 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 acquiring an additional 10,204 shares during the period. FMR LLC grew its position in shares of CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company's stock valued at $37,000 after purchasing an additional 1,625 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of CorMedix by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company's stock worth $10,380,000 after purchasing an additional 13,171 shares during the period. 34.18% of the stock is currently 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.