CorMedix (NASDAQ:CRMD) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

CorMedix (NASDAQ:CRMD - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.05, Briefing.com reports. The company had revenue of $30.00 million during the quarter, compared to analyst estimates of $27.46 million. CorMedix's quarterly revenue was up 29900.0% on a year-over-year basis.

CorMedix Price Performance

CRMD stock traded up $0.03 on Friday, reaching $6.74. The company's stock had a trading volume of 2,200,677 shares, compared to its average volume of 986,539. CorMedix has a 52 week low of $3.61 and a 52 week high of $13.85. The firm has a fifty day moving average of $10.43 and a two-hundred day moving average of $9.91. The company has a market capitalization of $408.96 million, a P/E ratio of -8.32 and a beta of 1.53.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Needham & Company LLC dropped their price objective on CorMedix from $18.00 to $12.00 and set a "buy" rating for the company in a research note on Wednesday. Leerink Partners started coverage on shares of CorMedix in a research note on Friday, March 7th. They issued an "outperform" rating and a $18.00 price target for the company. D. Boral Capital reiterated a "buy" rating and set a $15.00 target price on shares of CorMedix in a research note on Tuesday. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $12.00 target price on shares of CorMedix in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.14.

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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.