CorMedix Inc (NASDAQ:CRMD) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts view: CorMedix has an average rating of "Moderate Buy" from eight analysts (6 buys, 1 hold, 1 sell) with a consensus 12‑month price target of $15.
• Institutional interest: Large funds including Deerfield, Marshall Wace, UBS and Goldman have recently built or increased positions, leaving institutions owning 34.18% of the company.
• Financials & corporate actions: Recent revenue jumped 312% to $128.6M but quarterly EPS missed at $0.16 vs. $0.86 expected; management authorized a $75M buyback (up to 12.3% of shares) and the stock trades near $7.24 with a market cap of about $572M.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) has earned an average rating of "Moderate Buy" from the eight brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $15.00.

Several research firms have recently commented on CRMD. Weiss Ratings restated a "hold (c)" rating on shares of CorMedix in a report on Wednesday, January 21st. Leerink Partners restated an "outperform" rating and set a $13.00 price target on shares of CorMedix in a report on Friday, March 6th. Needham & Company LLC lowered their price target on shares of CorMedix from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. D. Boral Capital restated a "buy" rating and set a $14.00 price target on shares of CorMedix in a report on Wednesday, February 11th. Finally, HC Wainwright lowered their price target on shares of CorMedix from $18.00 to $13.00 and set a "buy" rating on the stock in a report on Friday, January 23rd.

Institutional Investors Weigh In On CorMedix

Several institutional investors and hedge funds have recently modified their holdings of CRMD. Deerfield Management Company L.P. acquired a new stake in shares of CorMedix in the 3rd quarter valued at $38,656,000. Marshall Wace LLP lifted its stake in shares of CorMedix by 34.6% in the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company's stock valued at $40,397,000 after purchasing an additional 893,518 shares during the last quarter. UBS Group AG lifted its stake in shares of CorMedix by 295.3% in the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company's stock valued at $12,687,000 after purchasing an additional 814,964 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of CorMedix in the 3rd quarter valued at $9,003,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of CorMedix by 259.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company's stock valued at $9,639,000 after purchasing an additional 597,971 shares during the last quarter. Institutional investors and hedge funds own 34.18% of the company's stock.

CorMedix Trading Down 1.6%

NASDAQ CRMD opened at $7.24 on Friday. The firm's 50 day moving average price is $7.01 and its two-hundred day moving average price is $9.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.94 and a current ratio of 2.11. CorMedix has a twelve month low of $6.13 and a twelve month high of $17.43. The stock has a market cap of $572.32 million, a price-to-earnings ratio of 3.62 and a beta of 1.41.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.70). CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The company had revenue of $128.62 million for the quarter, compared to analysts' expectations of $127.02 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The company's revenue was up 312.1% on a year-over-year basis. Equities analysts anticipate that CorMedix will post -0.32 EPS for the current year.

CorMedix announced that its board has initiated a stock repurchase plan on Monday, February 2nd that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

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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