CorMedix (NASDAQ:CRMD) Stock Price Target Raised at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised CorMedix’s price target to $15 from $14 and maintained an “outperform” rating, implying about 181% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock Buy, two rate it Hold, and the consensus price target is $15.44. UBS has a $19 target, the highest cited.
• CorMedix shares fell 2.3% to $5.34 on Tuesday. Its latest quarterly results beat estimates, with earnings of $0.29 per share and revenue of $101.93 million.

CorMedix (NASDAQ:CRMD - Get Free Report) had its price objective increased by equities researchers at Royal Bank Of Canada from $14.00 to $15.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 180.64% from the stock's previous close.

Several other equities analysts have also issued reports on the stock. UBS Group set a $19.00 target price on shares of CorMedix in a report on Tuesday. Citigroup reissued a "market outperform" rating on shares of CorMedix in a research report on Tuesday. Oppenheimer initiated coverage on CorMedix in a research note on Wednesday, September 23rd. They issued an "outperform" rating and a $15.00 price target on the stock. Weiss Ratings raised CorMedix from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Finally, Needham & Company LLC lifted their price objective on CorMedix from $12.00 to $14.00 and gave the company a "buy" rating in a research note on Tuesday. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.44.

CorMedix Stock Down 2.3%

Shares of CRMD traded down $0.12 on Tuesday, reaching $5.34. The stock had a trading volume of 767,074 shares, compared to its average volume of 1,602,320. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56. CorMedix has a 12-month low of $5.10 and a 12-month high of $13.02. The firm has a market capitalization of $416.59 million, a price-to-earnings ratio of 2.50, a price-to-earnings-growth ratio of 1.06 and a beta of 1.48. The company has a 50-day simple moving average of $7.45 and a 200-day simple moving average of $7.62.

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

Institutional Investors Weigh In On CorMedix

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of CorMedix during the second quarter valued at approximately $49,644,000. Bank of New York Mellon Corp purchased a new stake in CorMedix in the second quarter worth approximately $3,108,000. Pacer Advisors Inc. boosted its holdings in CorMedix by 128.7% in the first quarter. Pacer Advisors Inc. now owns 580,620 shares of the company's stock worth $3,942,000 after purchasing an additional 326,724 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in CorMedix by 150.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company's stock worth $3,443,000 after purchasing an additional 263,618 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in CorMedix during the 2nd quarter valued at $1,909,000. Institutional investors own 34.18% of the company's stock.

About CorMedix

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company's lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.