CorMedix (NASDAQ:CRMD) Stock Price Up 3.3% After Analyst Upgrade

CorMedix Inc. (NASDAQ:CRMD)’s stock price traded up 3.3% on Wednesday after Truist Financial raised their price target on the stock from $12.00 to $17.00. Truist Financial currently has a buy rating on the stock. CorMedix traded as high as $12.45 and last traded at $12.44. 405,086 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 641,758 shares. The stock had previously closed at $12.04.

CRMD has been the topic of a number of other reports. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 target price on shares of CorMedix in a report on Thursday, August 15th. Rodman & Renshaw started coverage on shares of CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $13.60.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRMD. Vanguard Group Inc. increased its stake in CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after buying an additional 102,851 shares during the period. Price T Rowe Associates Inc. MD increased its stake in CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after buying an additional 2,562 shares during the period. Tidal Investments LLC acquired a new position in CorMedix in the 1st quarter valued at approximately $60,000. Bank of New York Mellon Corp increased its stake in CorMedix by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after buying an additional 25,677 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in CorMedix in the 2nd quarter valued at approximately $44,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Stock Up 3.2 %

The company has a market capitalization of $683.14 million, a P/E ratio of -12.90 and a beta of 1.61. The company’s 50-day simple moving average is $7.47 and its 200 day simple moving average is $5.79.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to the consensus estimate of $0.75 million. During the same period in the prior year, the firm earned ($0.25) earnings per share. As a group, equities research analysts forecast that CorMedix Inc. will post -0.58 earnings per share for the current year.

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.