CorMedix (NASDAQ:CRMD) Shares Gap Up After Earnings Beat

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $9.03, but opened at $9.59. CorMedix shares last traded at $10.36, with a volume of 716,204 shares trading hands.

The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. The company had revenue of $39.08 million for the quarter, compared to analysts' expectations of $38.90 million. During the same period in the prior year, the company earned ($0.25) earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. StockNews.com raised shares of CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. Needham & Company LLC increased their price target on shares of CorMedix from $12.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday. Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a research report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and set a $12.00 target price on shares of CorMedix in a research note on Wednesday, March 26th. 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 investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $15.00.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently bought and sold shares of CRMD. Elliott Investment Management L.P. increased its position in shares of CorMedix by 85.1% in the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company's stock valued at $23,252,000 after buying an additional 1,320,109 shares in the last quarter. Palisades Investment Partners LLC purchased a new position in CorMedix during the 4th quarter valued at about $2,949,000. J. Goldman & Co LP raised its position in CorMedix by 221.1% during the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company's stock worth $3,704,000 after acquiring an additional 314,880 shares during the last quarter. Vanguard Group Inc. grew its position in shares of CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company's stock valued at $27,363,000 after purchasing an additional 309,514 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of CorMedix by 685.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company's stock worth $1,568,000 after purchasing an additional 169,397 shares during the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

CorMedix Stock Performance

The business has a fifty day simple moving average of $8.73 and a 200 day simple moving average of $9.75. The stock has a market cap of $790.84 million, a price-to-earnings ratio of -14.39 and a beta of 1.54.

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.