CorMedix Inc (NASDAQ:CRMD) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately positive: Eight brokerages rate CorMedix a consensus “Moderate Buy,” with six buys and two holds. The average 12-month price target is $15, compared with the stock’s recent price of $8.43.
• Institutional interest has increased: BlackRock and Deerfield Management opened sizable positions, while Marshall Wace and UBS significantly increased their holdings. Institutional investors now own 34.18% of CorMedix shares.
• Quarterly results exceeded expectations: CorMedix reported earnings of $0.29 per share versus the $0.24 consensus estimate, while revenue reached $101.93 million compared with expectations of $96.04 million.

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eight ratings firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $15.00.

A number of equities research analysts have commented on CRMD shares. Zacks Research upgraded CorMedix from a "strong sell" rating to a "hold" rating in a report on Friday, May 15th. Royal Bank Of Canada boosted their price objective on shares of CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of CorMedix in a research note on Tuesday, August 11th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in CorMedix during the second quarter worth about $49,644,000. Deerfield Management Company L.P. purchased a new stake in CorMedix in the 3rd quarter valued at about $38,656,000. Marshall Wace LLP increased its stake in shares of CorMedix by 34.6% during the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company's stock valued at $40,397,000 after acquiring an additional 893,518 shares during the last quarter. UBS Group AG increased its stake in shares of CorMedix by 295.3% during the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company's stock valued at $12,687,000 after acquiring an additional 814,964 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of CorMedix during the 3rd quarter worth about $9,003,000. Hedge funds and other institutional investors own 34.18% of the company's stock.

CorMedix Stock Performance

Shares of CRMD opened at $8.43 on Tuesday. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The stock has a market cap of $657.03 million, a P/E ratio of 3.94 and a beta of 1.50. The company has a 50-day moving average of $8.09 and a two-hundred day moving average of $7.72. CorMedix has a 12-month low of $6.13 and a 12-month high of $13.83.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its quarterly 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. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The company had revenue of $101.93 million for the quarter, compared to the consensus estimate of $96.04 million. As a group, research analysts predict that CorMedix will post 0.54 EPS for the current fiscal year.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company's lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.

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