CorMedix (NASDAQ:CRMD) Reaches New 1-Year High – Here’s What Happened

CorMedix Inc. (NASDAQ:CRMD) shares reached a new 52-week high during trading on Monday . The stock traded as high as $13.70 and last traded at $13.55, with a volume of 1359807 shares trading hands. The stock had previously closed at $13.04.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRMD shares. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of CorMedix in a report on Thursday, August 15th. Truist Financial increased their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Rodman & Renshaw started coverage on CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 price target 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, the stock currently has an average rating of “Buy” and an average price target of $13.60.

CorMedix Trading Down 22.5 %

The company has a market cap of $552.34 million, a P/E ratio of -11.29 and a beta of 1.61. The business has a 50 day moving average price of $8.26 and a 200-day moving average price of $6.05.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.01. The firm had revenue of $0.81 million for the quarter, compared to the consensus estimate of $0.75 million. During the same period last year, the company posted ($0.25) earnings per share. On average, sell-side analysts expect that CorMedix Inc. will post -0.58 earnings per share for the current year.

Institutional Trading of CorMedix

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. bought a new stake in CorMedix in the 2nd quarter valued at $44,000. AlphaMark Advisors LLC bought a new position in shares of CorMedix in the third quarter valued at about $97,000. Palumbo Wealth Management LLC bought a new position in shares of CorMedix in the third quarter valued at about $100,000. Tidal Investments LLC acquired a new stake in shares of CorMedix during the 1st quarter worth about $60,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after buying an additional 2,562 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

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.