CorMedix Inc (NASDAQ:CRMD) Receives $18.33 Consensus Price Target from Brokerages

Shares of CorMedix Inc (NASDAQ:CRMD) have been assigned an average rating of “Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $18.3333.

A number of equities research analysts have issued reports on the company. D Boral Capital upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Zacks Research raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, October 8th. Finally, JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of CorMedix in a research note on Tuesday, September 9th.

CorMedix Stock Up 3.2%

NASDAQ:CRMD opened at $11.62 on Friday. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average of $10.77 and a 200-day moving average of $11.93. The firm has a market capitalization of $915.54 million, a PE ratio of 5.64 and a beta of 1.32. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.78. The business had revenue of $104.28 million for the quarter, compared to the consensus estimate of $65.63 million. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The business’s revenue was up 810.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS. Analysts predict that CorMedix will post -0.32 EPS for the current year.

Insiders Place Their Bets

In other news, Director Alan W. Dunton sold 10,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the transaction, the director owned 40,250 shares of the company’s stock, valued at approximately $528,482.50. This represents a 19.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Myron Kaplan purchased 25,000 shares of the stock in a transaction dated Thursday, October 23rd. The shares were acquired at an average cost of $11.02 per share, for a total transaction of $275,500.00. Following the completion of the acquisition, the director directly owned 201,034 shares of the company’s stock, valued at approximately $2,215,394.68. This trade represents a 14.20% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 101,121 shares of company stock valued at $1,319,163 in the last quarter. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On CorMedix

Institutional investors have recently bought and sold shares of the stock. Comerica Bank grew its stake in shares of CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in CorMedix during the second quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd boosted its holdings in CorMedix by 666.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after buying an additional 3,813 shares in the last quarter. USA Financial Formulas acquired a new position in CorMedix in the second quarter worth approximately $55,000. Finally, State of Alaska Department of Revenue bought a new position in shares of CorMedix in the third quarter valued at $54,000. Institutional investors and hedge funds 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.