CorMedix Inc. (NASDAQ:CRMD) Receives Consensus Recommendation of "Buy" from Analysts

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) has been assigned an average rating of "Buy" from the seven analysts that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $15.00.

A number of equities research analysts recently issued reports on CRMD shares. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research report on Friday, March 7th. Wall Street Zen upgraded CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. Needham & Company LLC lifted their price target on CorMedix from $12.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Leerink Partners started coverage on CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 price objective for the company. Finally, D. Boral Capital restated a "buy" rating and issued a $15.00 price objective on shares of CorMedix in a research report on Tuesday, May 6th.

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company's stock valued at $1,568,000 after buying an additional 169,397 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in CorMedix by 8.2% during the 4th quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company's stock valued at $1,051,000 after acquiring an additional 9,782 shares during the period. Barclays PLC grew its position in CorMedix by 35.6% during the 4th quarter. Barclays PLC now owns 105,602 shares of the company's stock worth $855,000 after acquiring an additional 27,732 shares during the last quarter. New York State Common Retirement Fund grew its position in CorMedix by 1,398.2% during the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock worth $1,355,000 after acquiring an additional 156,086 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in CorMedix in the 4th quarter worth approximately $1,085,000. Institutional investors own 34.18% of the company's stock.

CorMedix Price Performance

Shares of NASDAQ:CRMD traded up $0.10 during trading on Wednesday, hitting $12.36. 520,342 shares of the company were exchanged, compared to its average volume of 1,162,675. CorMedix has a 52-week low of $3.61 and a 52-week high of $13.85. The stock has a 50 day moving average of $9.10 and a 200 day moving average of $9.82. The company has a market cap of $838.32 million, a PE ratio of -15.26 and a beta of 1.54.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.05. The firm had revenue of $39.08 million during the quarter, compared to analysts' expectations of $38.90 million. During the same quarter in the prior year, the company earned ($0.25) earnings per share. Sell-side analysts forecast that CorMedix will post -0.32 EPS for the current fiscal year.

CorMedix Company Profile

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.