CorMedix (NASDAQ:CRMD) Earns Market Outperform Rating from Citizens Jmp

Key Points

• Citizens Jmp reaffirmed a "market outperform" rating on CorMedix and set a $19 target price, implying roughly a 147.72% upside from current levels.
• Analysts skew positive overall—six Buys, one Hold and one Sell—with a consensus "Moderate Buy" and an average target of $15, while shares trade near $7.67.
• Recent results showed an EPS miss ($0.16 vs. $0.86) but revenue rose 312% YoY, and the board authorized a $75 million share buyback (about 12.3% of outstanding shares).

CorMedix (NASDAQ:CRMD - Get Free Report)'s stock had its "market outperform" rating reaffirmed by analysts at Citizens Jmp in a research report issued on Tuesday,Benzinga reports. They currently have a $19.00 target price on the stock. Citizens Jmp's price objective indicates a potential upside of 147.72% from the company's current price.

CRMD has been the subject of a number of other reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $14.00 price objective on shares of CorMedix in a report on Tuesday. Leerink Partners lifted their price target on CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Tuesday. Needham & Company LLC lifted their price objective on CorMedix from $14.00 to $15.00 and gave the company a "buy" rating in a report on Monday. HC Wainwright dropped their price objective on CorMedix from $18.00 to $13.00 and set a "buy" rating for the company in a research report on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of CorMedix in a research report on Wednesday, January 21st. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CorMedix has a consensus rating of "Moderate Buy" and an average target price of $15.00.

CorMedix Price Performance

NASDAQ:CRMD traded down $0.15 during trading hours on Tuesday, reaching $7.67. The company had a trading volume of 98,586 shares, compared to its average volume of 2,109,000. CorMedix has a one year low of $6.13 and a one year high of $17.43. The firm has a market capitalization of $606.31 million, a PE ratio of 3.83 and a beta of 1.41. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average of $6.96 and a two-hundred day moving average of $8.92.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.70). CorMedix had a return on equity of 52.30% and a net margin of 52.31%.The company had revenue of $128.62 million during the quarter, compared to the consensus estimate of $127.02 million. During the same period in the prior year, the firm posted $0.22 earnings per share. The company's revenue was up 312.1% on a year-over-year basis. Analysts forecast that CorMedix will post 0.67 earnings per share for the current year.

CorMedix declared that its board has initiated a share buyback program on Monday, February 2nd that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On CorMedix

Large investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. bought a new position in CorMedix in the 4th quarter valued at about $25,000. Comerica Bank increased its stake in shares of CorMedix by 454.6% during the 3rd quarter. Comerica Bank now owns 2,690 shares of the company's stock worth $31,000 after purchasing an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of CorMedix during the 2nd quarter worth approximately $42,000. Kestra Advisory Services LLC purchased a new stake in shares of CorMedix during the 4th quarter worth approximately $49,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in CorMedix by 666.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock worth $51,000 after buying an additional 3,813 shares during the period. Institutional investors own 34.18% of the company's stock.

About CorMedix

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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