CorMedix (NASDAQ:CRMD) Hits New 12-Month High - Here's Why

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.43 and last traded at $16.56, with a volume of 7085590 shares trading hands. The stock had previously closed at $13.61.

Analysts Set New Price Targets

Several brokerages have weighed in on CRMD. Needham & Company LLC upped their target price on CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Tuesday. Leerink Partners started coverage on CorMedix in a report on Friday, March 7th. They issued an "outperform" rating and a $18.00 price objective on the stock. Leerink Partnrs raised shares of CorMedix to a "strong-buy" rating in a research report on Friday, March 7th. Wall Street Zen raised shares of CorMedix from a "sell" rating to a "hold" rating in a research report on Tuesday, April 1st. Finally, D. Boral Capital restated a "buy" rating and set a $15.00 price target on shares of CorMedix in a research note on Monday. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, CorMedix has an average rating of "Buy" and a consensus target price of $16.67.

CorMedix Trading Down 4.8%

The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 68.05 and a beta of 1.62. The company has a fifty day moving average of $11.81 and a two-hundred day moving average of $10.31.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.05. CorMedix had a net margin of 20.81% and a return on equity of 22.57%. The company had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. During the same quarter last year, the firm posted ($0.25) earnings per share. As a group, sell-side analysts predict that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. boosted its holdings in CorMedix by 699.7% during the first quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock valued at $54,000 after acquiring an additional 7,599 shares during the period. Essex Financial Services Inc. acquired a new position in shares of CorMedix during the 1st quarter worth about $63,000. EntryPoint Capital LLC bought a new stake in CorMedix during the 1st quarter valued at approximately $66,000. KLP Kapitalforvaltning AS acquired a new stake in CorMedix in the 1st quarter valued at approximately $72,000. Finally, Captrust Financial Advisors bought a new position in CorMedix in the 4th quarter worth approximately $90,000. 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.