CorMedix (NASDAQ:CRMD) Coverage Initiated by Analysts at Oppenheimer

Key Points

• Oppenheimer initiated coverage of CorMedix with an “outperform” rating and a $15 price target, implying approximately 92.8% upside from the stock’s $7.78 opening price.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy and two rate it Hold, producing a “Moderate Buy” consensus rating and a $15 average target price.
• CorMedix exceeded quarterly expectations, reporting $0.29 in EPS versus $0.24 expected and $101.93 million in revenue versus $96.04 million forecast; institutional investors own 34.18% of the company.

Research analysts at Oppenheimer initiated coverage on shares of CorMedix (NASDAQ:CRMD - Get Free Report) in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set an "outperform" rating and a $15.00 price target on the stock. Oppenheimer's price objective would suggest a potential upside of 92.80% from the company's current price.

Other research analysts also recently issued reports about the company. Weiss Ratings reiterated a "hold (c)" rating on shares of CorMedix in a research note on Tuesday, August 11th. Royal Bank Of Canada boosted their target price on CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, CorMedix has an average rating of "Moderate Buy" and a consensus target price of $15.00.

CorMedix Stock Up 0.1%

CorMedix stock opened at $7.78 on Wednesday. The firm has a market capitalization of $606.37 million, a PE ratio of 3.64 and a beta of 1.50. The company's 50-day moving average is $7.94 and its 200-day moving average is $7.78. CorMedix has a fifty-two week low of $6.13 and a fifty-two week high of $13.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The business had revenue of $101.93 million during the quarter, compared to the consensus estimate of $96.04 million. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. Sell-side analysts anticipate that CorMedix will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On CorMedix

Hedge funds have recently bought and sold shares of the stock. WINTON GROUP Ltd grew its position in shares of CorMedix by 69.7% during the 2nd quarter. WINTON GROUP Ltd now owns 65,061 shares of the company's stock worth $511,000 after purchasing an additional 26,723 shares in the last quarter. HighTower Advisors LLC raised its position in shares of CorMedix by 8.2% in the second quarter. HighTower Advisors LLC now owns 32,655 shares of the company's stock valued at $256,000 after buying an additional 2,476 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of CorMedix in the second quarter valued at approximately $247,000. Headlands Technologies LLC boosted its stake in shares of CorMedix by 63.0% in the second quarter. Headlands Technologies LLC now owns 96,773 shares of the company's stock valued at $760,000 after buying an additional 37,401 shares during the period. Finally, Wellington Management Group LLP grew its position in CorMedix by 5.6% during the second quarter. Wellington Management Group LLP now owns 215,795 shares of the company's stock worth $1,694,000 after buying an additional 11,530 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

About CorMedix

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat infectious and inflammatory complications associated with medical devices and procedures. The company's lead product is DefenCath (taurolidine and heparin), an antimicrobial catheter lock solution intended to help reduce catheter-related bloodstream infections in adult patients receiving chronic hemodialysis through central venous catheters.

DefenCath was approved by the U.S.

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