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

Key Points

• CorMedix shares jumped after an earnings beat, opening at $8.39 versus a prior close of $7.10 and later trading around $8.76. The company reported quarterly EPS of $0.29, topping expectations of $0.24, while revenue of $101.93 million exceeded the $96.04 million consensus.
• Analyst sentiment remains favorable: six analysts rate CorMedix Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $14.86.
• Several institutional investors increased their positions, and hedge funds and other institutions collectively own 34.18% of the company. CorMedix is developing Neutrolin, a catheter-lock solution intended to prevent bloodstream infections in dialysis patients.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $7.10, but opened at $8.39. CorMedix shares last traded at $8.7610, with a volume of 1,297,242 shares.

The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The firm had revenue of $101.93 million during the quarter, compared to analysts' expectations of $96.04 million.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Needham & Company LLC boosted their target price on shares of CorMedix from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, April 27th. Citizens Jmp reaffirmed a "market outperform" rating and set a $19.00 price target on shares of CorMedix in a research note on Tuesday, April 28th. Leerink Partners lifted their price target on shares of CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Zacks Research raised shares of CorMedix from a "strong sell" rating to a "hold" rating in a research report on Friday, May 15th. Finally, D. Boral Capital reissued a "buy" rating and set a $14.00 price objective on shares of CorMedix in a research note on Monday, April 27th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $14.86.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently added to or reduced their stakes in CRMD. Russell Investments Group Ltd. grew its stake in CorMedix by 22.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock worth $81,000 after buying an additional 1,190 shares during the last quarter. Gryphon Financial Partners LLC increased its holdings in shares of CorMedix by 6.3% in the 1st quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company's stock worth $186,000 after acquiring an additional 1,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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. Financial Management Professionals Inc. bought a new position in CorMedix in the 4th quarter worth about $25,000. Finally, Comerica Bank increased its stake in shares of CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company's stock valued at $31,000 after purchasing an additional 2,205 shares during the period. Institutional investors and hedge funds own 34.18% of the company's stock.

CorMedix Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74. The stock has a fifty day moving average price of $8.17 and a two-hundred day moving average price of $7.64. The company has a market cap of $660.80 million, a P/E ratio of 3.99 and a beta of 1.50.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company's lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.

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