CorMedix (NASDAQ:CRMD) Shares Gap Up - Here's What Happened

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $13.61, but opened at $16.74. CorMedix shares last traded at $17.06, with a volume of 1,642,456 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CRMD shares. Wall Street Zen raised CorMedix from a "sell" rating to a "hold" rating in a research report on Tuesday, April 1st. Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday, March 7th. They issued an "outperform" rating and a $18.00 price target for the company. D. Boral Capital reaffirmed a "buy" rating and set a $15.00 price objective on shares of CorMedix in a research report on Monday. Finally, Royal Bank Of Canada upgraded CorMedix from an "outperform" rating to a "moderate buy" rating and increased their price objective for the company from $13.00 to $17.00 in a research note on Friday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $15.83.

CorMedix Stock Performance

The company's 50-day moving average price is $11.46 and its 200-day moving average price is $10.23. The firm has a market capitalization of $1.11 billion, a PE ratio of 74.31 and a beta of 1.62.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.05. CorMedix had a return on equity of 22.57% and a net margin of 20.81%. The company had revenue of $39.08 million during the quarter, compared to the consensus estimate of $38.90 million. During the same period in the previous year, the business earned ($0.25) EPS. As a group, analysts anticipate that CorMedix Inc will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. lifted its position in shares of CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after buying an additional 7,599 shares during the last quarter. Essex Financial Services Inc. acquired a new position in CorMedix in the first quarter valued at $63,000. EntryPoint Capital LLC purchased a new position in shares of CorMedix during the first quarter worth about $66,000. Captrust Financial Advisors acquired a new stake in shares of CorMedix during the fourth quarter worth about $90,000. Finally, Aigen Investment Management LP purchased a new stake in shares of CorMedix in the 4th quarter valued at about $94,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.

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