Royal Bank Of Canada Cuts CorMedix (NASDAQ:CRMD) Price Target to $13.00

CorMedix (NASDAQ:CRMD) had its price objective decreased by analysts at Royal Bank Of Canada from $14.00 to $13.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 46.17% from the company’s current price.

A number of other equities analysts also recently commented on CRMD. Zacks Research upgraded CorMedix from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th. D. Boral Capital reissued a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research report on Monday, April 27th. Leerink Partners upped their price objective on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Weiss Ratings raised shares of CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $19.00 target price on shares of CorMedix in a research note on Tuesday, April 28th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.86.

CorMedix Trading Up 1.2%

NASDAQ:CRMD traded up $0.10 during mid-day trading on Tuesday, reaching $8.89. 312,747 shares of the company’s stock traded hands, compared to its average volume of 1,862,604. CorMedix has a 12-month low of $6.13 and a 12-month high of $14.96. The firm has a market capitalization of $697.75 million, a price-to-earnings ratio of 4.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74. The company has a 50 day moving average price of $8.18 and a 200-day moving average price of $8.05.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.08. The business had revenue of $127.43 million during the quarter, compared to analysts’ expectations of $104.96 million. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The business’s revenue was up 226.1% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS. On average, sell-side analysts predict that CorMedix will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

A number of institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CorMedix by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock worth $222,000 after acquiring an additional 1,631 shares in the last quarter. Legal & General Group Plc raised its position in shares of CorMedix by 17.1% in the 2nd quarter. Legal & General Group Plc now owns 62,620 shares of the company’s stock worth $771,000 after purchasing an additional 9,155 shares during the last quarter. Rhumbline Advisers raised its position in shares of CorMedix by 13.9% in the 2nd quarter. Rhumbline Advisers now owns 92,905 shares of the company’s stock worth $1,145,000 after purchasing an additional 11,340 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in CorMedix by 22.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in CorMedix during the 2nd quarter valued at about $199,000. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.