CorMedix (NASDAQ:CRMD) Stock Price Up 4.7% - Time to Buy?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report)'s share price traded up 4.7% during trading on Monday . The company traded as high as $8.10 and last traded at $8.03. 636,801 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 1,018,006 shares. The stock had previously closed at $7.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CRMD shares. Royal Bank of Canada restated an "outperform" rating and set a $12.00 target price on shares of CorMedix in a research report on Wednesday, March 26th. StockNews.com raised shares of CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. Leerink Partnrs raised shares of CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Needham & Company LLC reiterated a "buy" rating and set a $12.00 price target on shares of CorMedix in a research report on Wednesday, April 9th. Finally, Leerink Partners began coverage on CorMedix in a report on Friday, March 7th. They issued an "outperform" rating and a $18.00 price target on the stock. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.50.

CorMedix Stock Performance

The company has a 50-day moving average of $8.78 and a 200-day moving average of $9.80. The stock has a market capitalization of $593.48 million, a price-to-earnings ratio of -11.23 and a beta of 1.57.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business's quarterly revenue was up 29900.0% compared to the same quarter last year. As a group, analysts expect that CorMedix Inc. will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On CorMedix

Hedge funds have recently modified their holdings of the company. FMR LLC lifted its stake in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company's stock valued at $37,000 after buying an additional 1,625 shares during the period. Essex Financial Services Inc. purchased a new position in shares of CorMedix in the 1st quarter worth about $63,000. Janney Montgomery Scott LLC acquired a new position in CorMedix during the fourth quarter valued at approximately $81,000. Captrust Financial Advisors acquired a new position in shares of CorMedix during the 4th quarter valued at $90,000. Finally, Aigen Investment Management LP acquired a new stake in CorMedix in the 4th quarter valued at $94,000. 34.18% of the stock is owned by institutional investors and hedge funds.

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.