CorMedix (NASDAQ:CRMD) Sees Unusually-High Trading Volume – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD) saw an uptick in trading volume on Thursday . 1,180,118 shares changed hands during trading, an increase of 81% from the previous session’s volume of 652,270 shares.The stock last traded at $12.10 and had previously closed at $12.35.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRMD. Rodman & Renshaw began coverage on shares of CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Truist Financial boosted their price objective on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, CorMedix has a consensus rating of “Buy” and a consensus target price of $13.60.

CorMedix Stock Up 4.6 %

The firm has a market capitalization of $716.67 million, a P/E ratio of -14.02 and a beta of 1.61. The firm’s 50-day simple moving average is $7.94 and its 200-day simple moving average is $5.94.

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

Institutional Investors Weigh In On CorMedix

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. bought a new stake in shares of CorMedix in the 2nd quarter worth approximately $44,000. Tidal Investments LLC bought a new stake in shares of CorMedix in the 1st quarter worth approximately $60,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after acquiring an additional 2,562 shares during the last quarter. AlphaMark Advisors LLC bought a new stake in shares of CorMedix in the 3rd quarter worth approximately $97,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of CorMedix by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after acquiring an additional 2,700 shares during the last quarter. 34.18% of the stock is currently owned by institutional investors.

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.