CorMedix Inc (NASDAQ:CRMD - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $14.96, but opened at $12.86. CorMedix shares last traded at $12.40, with a volume of 3,444,141 shares trading hands.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on CRMD. D. Boral Capital reaffirmed a "buy" rating and set a $15.00 price target on shares of CorMedix in a research note on Monday. Royal Bank Of Canada raised CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their price objective for the stock from $13.00 to $17.00 in a report on Friday, June 20th. Leerink Partnrs raised shares of CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. Wall Street Zen raised shares of CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. Finally, Leerink Partners started coverage on CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $16.67.
Check Out Our Latest Stock Report on CorMedix
CorMedix Price Performance
The stock has a market cap of $848.09 million, a price-to-earnings ratio of 56.82 and a beta of 1.62. The business has a 50-day simple moving average of $11.96 and a two-hundred day simple moving average of $10.35.
CorMedix (NASDAQ:CRMD - Get Free Report) last issued 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. 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 period in the prior year, the firm earned ($0.25) earnings per share. As a group, equities analysts anticipate that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.
Institutional Investors Weigh In On CorMedix
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of CorMedix by 8.2% in the fourth quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company's stock valued at $1,051,000 after buying an additional 9,782 shares during the period. Barclays PLC increased its position in shares of CorMedix by 35.6% in the fourth quarter. Barclays PLC now owns 105,602 shares of the company's stock worth $855,000 after purchasing an additional 27,732 shares during the period. New York State Common Retirement Fund raised its stake in CorMedix by 1,398.2% in the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock valued at $1,355,000 after purchasing an additional 156,086 shares in the last quarter. JPMorgan Chase & Co. lifted its position in CorMedix by 40.8% during the fourth quarter. JPMorgan Chase & Co. now owns 273,218 shares of the company's stock worth $2,213,000 after purchasing an additional 79,110 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in CorMedix during the fourth quarter worth about $1,085,000. Institutional investors and hedge funds own 34.18% of the company's stock.
About CorMedix
(
Get Free Report)
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.
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