CorMedix (NASDAQ:CRMD) Shares Gap Up - What's Next?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $9.49, but opened at $9.95. CorMedix shares last traded at $10.08, with a volume of 58,424 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a research report on Friday. Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday. They issued an "outperform" rating and a $18.00 target price for the company. 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. Finally, Royal Bank of Canada boosted their price objective on CorMedix from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Thursday, December 19th. One equities 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.00.

CorMedix Stock Down 1.3 %

The business has a 50-day simple moving average of $10.65 and a two-hundred day simple moving average of $9.61. The stock has a market capitalization of $642.57 million, a price-to-earnings ratio of -13.07 and a beta of 1.53.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in CorMedix by 685.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company's stock valued at $1,568,000 after acquiring an additional 169,397 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of CorMedix by 1,398.2% in the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock worth $1,355,000 after purchasing an additional 156,086 shares in the last quarter. State Street Corp lifted its stake in CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company's stock valued at $9,904,000 after purchasing an additional 10,204 shares during the last quarter. FMR LLC boosted its holdings in CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company's stock worth $37,000 after buying an additional 1,625 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in 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 buying an additional 13,171 shares during the last quarter. Institutional investors own 34.18% of the company's stock.

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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.