CorMedix (NASDAQ:CRMD) Sets New 1-Year High - What's Next?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The company traded as high as $15.38 and last traded at $14.59, with a volume of 1953233 shares. The stock had previously closed at $14.89.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CRMD shares. Royal Bank of Canada restated an "outperform" rating and set a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. 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 note on Wednesday, May 7th. Wall Street Zen upgraded CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. Finally, Leerink Partners began coverage on CorMedix in a research note on Friday, March 7th. They issued an "outperform" rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $15.00.

CorMedix Stock Performance

The company has a market cap of $987.53 million, a price-to-earnings ratio of -17.98 and a beta of 1.62. The company has a fifty day moving average of $10.77 and a two-hundred day moving average of $10.09.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. The firm had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. During the same period last year, the business earned ($0.25) EPS. Equities analysts expect that CorMedix Inc. will post -0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRMD. Vanguard Group Inc. lifted its position in shares of CorMedix by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company's stock valued at $22,463,000 after buying an additional 268,360 shares during the last quarter. Elliott Investment Management L.P. increased its stake in CorMedix by 85.1% in the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company's stock worth $23,252,000 after acquiring an additional 1,320,109 shares during the last quarter. Geode Capital Management LLC increased its stake in CorMedix by 8.4% in the 4th quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company's stock worth $11,284,000 after acquiring an additional 108,356 shares during the last quarter. Northern Trust Corp increased its stake in CorMedix by 14.4% in the 4th quarter. Northern Trust Corp now owns 511,565 shares of the company's stock worth $4,144,000 after acquiring an additional 64,243 shares during the last quarter. Finally, J. Goldman & Co LP increased its position in shares of CorMedix by 221.1% during the 4th quarter. J. Goldman & Co LP now owns 457,320 shares of the company's stock valued at $3,704,000 after purchasing an additional 314,880 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company's stock.

About CorMedix

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.