CorMedix Inc (NASDAQ:CRMD) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• CorMedix Inc (NASDAQ:CRMD) has received a consensus rating of "Moderate Buy" from eight research firms, with an average target price of $18.00. This includes two hold ratings, five buy ratings, and one strong buy rating.
• Insider activity included COO Elizabeth Hurlburt selling 41,121 shares and CEO Joseph Todisco selling 50,000 shares, indicating a combined decrease in their positions of approximately 8.94% and 18.85%, respectively.
• CorMedix reported earnings of $0.28 per share for the last quarter, surpassing estimates by $0.08, with a remarkable year-over-year revenue increase of 4830.1% to $39.74 million.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) has earned an average rating of "Moderate Buy" from the eight research firms that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $18.00.

A number of equities analysts have issued reports on CRMD shares. Wall Street Zen raised CorMedix from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 13th. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price objective on shares of CorMedix in a research note on Tuesday, September 9th. Needham & Company LLC lifted their target price on shares of CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. D Boral Capital downgraded shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 30th. Finally, Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and lifted their price target for the stock from $13.00 to $17.00 in a report on Friday, June 20th.

Insider Buying and Selling

In related news, COO Elizabeth Hurlburt sold 41,121 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.08, for a total value of $537,862.68. Following the sale, the chief operating officer directly owned 176,990 shares in the company, valued at $2,315,029.20. This represents a 18.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph Todisco sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.00, for a total transaction of $650,000.00. Following the transaction, the chief executive officer owned 509,496 shares of the company's stock, valued at approximately $6,623,448. The trade was a 8.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 163,997 shares of company stock valued at $2,163,617 in the last ninety days. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On CorMedix

Several large investors have recently added to or reduced their stakes in CRMD. Ameritas Investment Partners Inc. raised its position in CorMedix by 17.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company's stock valued at $81,000 after buying an additional 998 shares during the last quarter. Bank of America Corp DE grew its stake in shares of CorMedix by 1.9% in the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock worth $487,000 after acquiring an additional 1,124 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of CorMedix by 22.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock worth $81,000 after acquiring an additional 1,190 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of CorMedix by 11.9% in the second quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company's stock valued at $168,000 after purchasing an additional 1,451 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of CorMedix by 5.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company's stock valued at $338,000 after purchasing an additional 1,478 shares in the last quarter. Institutional investors and hedge funds own 34.18% of the company's stock.

CorMedix Trading Up 0.6%

CRMD opened at $11.27 on Tuesday. The company has a market cap of $879.74 million, a P/E ratio of 15.03 and a beta of 1.76. The company's 50 day moving average is $12.33 and its 200-day moving average is $11.29. CorMedix has a 1-year low of $5.60 and a 1-year high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The firm had revenue of $39.74 million for the quarter, compared to analysts' expectations of $29.88 million. During the same quarter in the previous year, the firm posted ($0.25) earnings per share. The company's revenue was up 4830.1% on a year-over-year basis. On average, equities analysts forecast that CorMedix will post -0.32 EPS for the current 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.

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