CorMedix (NASDAQ:CRMD) Shares Gap Up - Still a Buy?

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) gapped up prior to trading 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 trading hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on CRMD. Needham & Company LLC boosted their target price on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and lifted their target price for the company from $13.00 to $17.00 in a report on Friday, June 20th. Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 price target for the company. D. Boral Capital reiterated a "buy" rating and set a $15.00 target price on shares of CorMedix in a research report on Monday. Finally, Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $16.67.

CorMedix Stock Performance

The business has a fifty day moving average of $11.96 and a two-hundred day moving average of $10.35. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 68.00 and a beta of 1.62.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results 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. The company had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. CorMedix had a return on equity of 22.57% and a net margin of 20.81%. During the same quarter in the prior year, the company earned ($0.25) earnings per share. On average, equities research analysts forecast that CorMedix Inc will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its position in shares of CorMedix by 8.6% in the fourth quarter. Rhumbline Advisers now owns 75,747 shares of the company's stock valued at $614,000 after purchasing an additional 6,028 shares during the last quarter. New York State Common Retirement Fund grew its holdings in CorMedix by 1,398.2% during the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock valued at $1,355,000 after buying an additional 156,086 shares during the last quarter. Bank of New York Mellon Corp increased its position in CorMedix by 8.2% during the fourth quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company's stock worth $1,051,000 after buying an additional 9,782 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of CorMedix by 2.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 149,834 shares of the company's stock worth $1,214,000 after acquiring an additional 3,221 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of CorMedix by 11.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 174,418 shares of the company's stock valued at $1,413,000 after acquiring an additional 17,869 shares in the last quarter. Institutional investors and hedge funds 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.