CorMedix (NASDAQ:CRMD) Reaches New 12-Month High After Analyst Upgrade

CorMedix Inc (NASDAQ:CRMD - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday after Needham & Company LLC raised their price target on the stock from $15.00 to $20.00. Needham & Company LLC currently has a buy rating on the stock. CorMedix traded as high as $17.43 and last traded at $16.56, with a volume of 7085590 shares changing hands. The stock had previously closed at $13.61.

CRMD has been the subject of several other reports. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research report on Friday, March 7th. Wall Street Zen upgraded CorMedix from a "sell" rating to a "hold" rating in a research report on Tuesday, April 1st. Leerink Partners assumed coverage on CorMedix in a report on Friday, March 7th. They issued an "outperform" rating and a $18.00 target price for the company. D. Boral Capital restated a "buy" rating and issued a $15.00 target price on shares of CorMedix in a report on Monday. Finally, Royal Bank Of Canada upgraded CorMedix from an "outperform" rating to a "moderate buy" rating and upped their target price for the company from $13.00 to $17.00 in a report on Friday, June 20th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $16.67.

Hedge Funds Weigh In On CorMedix

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in shares of CorMedix by 8.2% in the 4th quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company's stock valued at $1,051,000 after purchasing an additional 9,782 shares during the last quarter. Barclays PLC lifted its stake in CorMedix by 35.6% during the 4th quarter. Barclays PLC now owns 105,602 shares of the company's stock worth $855,000 after acquiring an additional 27,732 shares in the last quarter. New York State Common Retirement Fund lifted its stake in CorMedix by 1,398.2% during the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock worth $1,355,000 after acquiring an additional 156,086 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in CorMedix by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 273,218 shares of the company's stock worth $2,213,000 after acquiring an additional 79,110 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in CorMedix during the 4th quarter worth about $1,085,000. Institutional investors and hedge funds own 34.18% of the company's stock.

CorMedix Stock Performance

The company has a 50 day moving average of $12.11 and a 200-day moving average of $10.38. The stock has a market cap of $847.75 million, a price-to-earnings ratio of 56.82 and a beta of 1.62.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results 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. CorMedix had a return on equity of 22.57% and a net margin of 20.81%. The firm 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) EPS. On average, research analysts anticipate that CorMedix Inc 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.