CorMedix Inc (NASDAQ:CRMD) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• CorMedix has a “Moderate Buy” consensus rating: Seven of nine analysts recommend buying the stock, while two rate it a hold. The average 12-month price target is $15.00, roughly double its reported opening price of $7.19.
• The company recently exceeded quarterly expectations, reporting $0.29 in earnings per share versus a $0.24 consensus estimate and revenue of $101.93 million versus estimates of $96.04 million.
• Institutional interest has increased, with hedge funds and other institutional investors owning 34.18% of CorMedix. BlackRock initiated a position valued at approximately $49.6 million, while several other firms expanded their holdings.

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the nine analysts that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $15.00.

A number of research analysts have weighed in on the stock. Oppenheimer assumed coverage on shares of CorMedix in a report on Wednesday, September 23rd. They issued an "outperform" rating and a $15.00 price objective for the company. Weiss Ratings reissued a "hold (c)" rating on shares of CorMedix in a research note on Tuesday, August 11th. Finally, Royal Bank Of Canada raised their target price on CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday, August 14th.

CorMedix Trading Down 3.1%

CorMedix stock opened at $7.19 on Friday. The firm has a market cap of $560.39 million, a PE ratio of 3.36, a P/E/G ratio of 1.37 and a beta of 1.40. CorMedix has a 12 month low of $6.13 and a 12 month high of $13.02. The stock's 50 day simple moving average is $7.87 and its two-hundred day simple moving average is $7.84. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share 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 firm had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. Analysts anticipate that CorMedix will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently bought and sold shares of CRMD. BlackRock Inc. purchased a new stake in shares of CorMedix in the second quarter valued at approximately $49,644,000. Pacer Advisors Inc. lifted its position in shares of CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company's stock valued at $3,942,000 after buying an additional 326,724 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of CorMedix by 150.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company's stock valued at $3,443,000 after buying an additional 263,618 shares in the last quarter. Private Advisor Group LLC grew its stake in CorMedix by 33.3% in the 1st quarter. Private Advisor Group LLC now owns 504,668 shares of the company's stock valued at $3,427,000 after acquiring an additional 126,131 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in CorMedix in the 2nd quarter valued at $3,108,000. Hedge funds and other institutional investors own 34.18% of the company's stock.

CorMedix Company Profile

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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