CorMedix (NASDAQ:CRMD) Shares Up 7.3% on Analyst Upgrade

Key Points

• CorMedix shares rose 7.3% to about $8.09 after Royal Bank of Canada raised its price target from $13 to $14 and maintained an “outperform” rating.
• Analyst sentiment remains broadly positive: six analysts rate the stock a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $15.
• CorMedix exceeded quarterly expectations, reporting $0.29 in earnings per share versus a $0.24 estimate and $101.93 million in revenue versus a $96.04 million forecast; institutional investors own 34.18% of the company.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares traded up 7.3% during trading on Monday after Royal Bank Of Canada raised their price target on the stock from $13.00 to $14.00. Royal Bank Of Canada currently has an outperform rating on the stock. CorMedix traded as high as $7.96 and last traded at $8.0940. Approximately 504,853 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,727,043 shares. The stock had previously closed at $7.54.

CRMD has been the subject of several other research reports. Citizens Jmp restated a "market outperform" rating and set a $19.00 target price on shares of CorMedix in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of CorMedix in a research report on Tuesday, August 11th. Zacks Research raised CorMedix from a "strong sell" rating to a "hold" rating in a research report on Friday, May 15th. Leerink Partners boosted their price target on CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Finally, D. Boral Capital reissued a "buy" rating and issued a $14.00 price objective on shares of CorMedix in a report on Monday, April 27th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

Hedge Funds Weigh In On CorMedix

A number of institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in CorMedix by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock worth $222,000 after buying an additional 1,631 shares during the period. Legal & General Group Plc lifted its holdings in CorMedix by 17.1% during the 2nd quarter. Legal & General Group Plc now owns 62,620 shares of the company's stock worth $771,000 after buying an additional 9,155 shares during the period. Rhumbline Advisers grew its position in shares of CorMedix by 13.9% in the 2nd quarter. Rhumbline Advisers now owns 92,905 shares of the company's stock valued at $1,145,000 after buying an additional 11,340 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of CorMedix by 22.2% during the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock worth $81,000 after acquiring an additional 1,190 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of CorMedix in the second quarter worth approximately $199,000. Institutional investors and hedge funds own 34.18% of the company's stock.

CorMedix Price Performance

The firm has a market cap of $630.85 million, a price-to-earnings ratio of 3.77 and a beta of 1.50. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The business's 50-day simple moving average is $8.14 and its two-hundred day simple moving average is $7.65.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The company had revenue of $101.93 million during the quarter, compared to analysts' expectations of $96.04 million. As a group, research analysts expect that CorMedix Inc will post 0.54 EPS for the current fiscal year.

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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