CorMedix (NASDAQ:CRMD) Given "Outperform" Rating at Royal Bank of Canada

CorMedix (NASDAQ:CRMD - Get Free Report)'s stock had its "outperform" rating reiterated by equities research analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $12.00 price target on the stock. Royal Bank of Canada's price target suggests a potential upside of 78.04% from the company's current price.

A number of other equities analysts have also recently commented on CRMD. Leerink Partnrs raised CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. Needham & Company LLC lowered their price target on CorMedix from $18.00 to $12.00 and set a "buy" rating for the company in a research report on Wednesday. Leerink Partners began coverage on CorMedix in a research note on Friday, March 7th. They set an "outperform" rating and a $18.00 target price on the stock. Finally, D. Boral Capital reaffirmed a "buy" rating and issued a $15.00 price objective on shares of CorMedix in a report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $15.14.

CorMedix Trading Up 0.4 %

NASDAQ CRMD traded up $0.03 during trading hours on Wednesday, hitting $6.74. The company's stock had a trading volume of 2,200,677 shares, compared to its average volume of 986,539. The company's 50-day simple moving average is $10.43 and its two-hundred day simple moving average is $9.91. CorMedix has a 52 week low of $3.61 and a 52 week high of $13.85. The company has a market capitalization of $408.96 million, a PE ratio of -8.32 and a beta of 1.53.

Remove Ads

CorMedix (NASDAQ:CRMD - Get Free Report) last released its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.05. The company had revenue of $30.00 million during the quarter, compared to analysts' expectations of $27.46 million. The company's revenue for the quarter was up 29900.0% compared to the same quarter last year. Research analysts anticipate that CorMedix will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On CorMedix

Several large investors have recently bought and sold shares of CRMD. Elliott Investment Management L.P. boosted its position in shares of CorMedix by 85.1% in the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company's stock valued at $23,252,000 after purchasing an additional 1,320,109 shares during the period. Palisades Investment Partners LLC purchased a new position in shares of CorMedix in the 4th quarter valued at about $2,949,000. J. Goldman & Co LP boosted its position in CorMedix by 221.1% during the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company's stock worth $3,704,000 after purchasing an additional 314,880 shares in the last quarter. Vanguard Group Inc. grew its holdings in CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company's stock valued at $27,363,000 after purchasing an additional 309,514 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position 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 buying an additional 169,397 shares in the last quarter. Hedge funds and other institutional investors own 34.18% of the company's stock.

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.