CorMedix (NASDAQ:CRMD) Reaches New 52-Week High - Here's What Happened

Shares of CorMedix Inc. (NASDAQ:CRMD - Get Free Report) hit a new 52-week high during mid-day 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 Analysts Forecast Growth

CRMD has been the topic of several research reports. Leerink Partners began coverage on shares of CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 price objective on the stock. Royal Bank of Canada restated an "outperform" rating and set a $12.00 price target on shares of CorMedix in a research note on Wednesday, March 26th. Needham & Company LLC raised their price objective on CorMedix from $12.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Leerink Partnrs raised CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Finally, Wall Street Zen upgraded CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $15.00.

CorMedix Trading Up 1.9%

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -18.35 and a beta of 1.62. The stock has a fifty day moving average price of $10.44 and a 200-day moving average price of $10.02.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings data 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 company had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. During the same quarter in the prior year, the company earned ($0.25) earnings per share. On average, equities analysts expect that CorMedix Inc. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in shares of CorMedix by 7.7% in the first quarter. Rhumbline Advisers now owns 81,565 shares of the company's stock valued at $502,000 after acquiring an additional 5,818 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in CorMedix by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock valued at $222,000 after purchasing an additional 1,631 shares during the last quarter. Graham Capital Management L.P. bought a new position in CorMedix in the 1st quarter valued at $648,000. Caption Management LLC bought a new stake in shares of CorMedix during the first quarter worth $113,000. Finally, Trexquant Investment LP increased its stake in shares of CorMedix by 588.9% in the first quarter. Trexquant Investment LP now owns 135,487 shares of the company's stock valued at $835,000 after buying an additional 115,819 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

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.