CorMedix (NASDAQ:CRMD) Trading Up 4.7% - Still a Buy?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) traded up 4.7% during trading on Monday . The stock traded as high as $8.10 and last traded at $8.03. 636,801 shares were traded during mid-day trading, a decline of 37% from the average session volume of 1,018,006 shares. The stock had previously closed at $7.67.

Analysts Set New Price Targets

CRMD has been the topic of a number of research reports. Leerink Partners assumed coverage on shares of CorMedix in a research report on Friday, March 7th. They set an "outperform" rating and a $18.00 price objective on the stock. Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Royal Bank of Canada reiterated an "outperform" rating and issued a $12.00 price objective on shares of CorMedix in a report on Wednesday, March 26th. D. Boral Capital restated a "buy" rating and set a $15.00 target price on shares of CorMedix in a report on Tuesday, April 8th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $12.00 price target on shares of CorMedix in a research note on Wednesday, April 9th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, CorMedix presently has an average rating of "Buy" and an average target price of $14.50.

CorMedix Stock Performance

The stock's 50-day simple moving average is $8.75 and its two-hundred day simple moving average is $9.79. The stock has a market cap of $593.16 million, a price-to-earnings ratio of -11.23 and a beta of 1.57.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.05. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $27.46 million. CorMedix's revenue was up 29900.0% on a year-over-year basis. As a group, research analysts predict that CorMedix Inc. will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the stock. Essex Financial Services Inc. acquired a new position in CorMedix during the 1st quarter valued at $63,000. Palumbo Wealth Management LLC raised its position in shares of CorMedix by 53.7% during the first quarter. Palumbo Wealth Management LLC now owns 46,598 shares of the company's stock valued at $287,000 after buying an additional 16,272 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of CorMedix by 7.7% in the first quarter. Rhumbline Advisers now owns 81,565 shares of the company's stock valued at $502,000 after buying an additional 5,818 shares during the period. Palisades Investment Partners LLC acquired a new stake in CorMedix during the fourth quarter worth about $2,949,000. Finally, Two Sigma Investments LP increased its stake in CorMedix by 19.7% during the fourth quarter. Two Sigma Investments LP now owns 31,489 shares of the company's stock valued at $255,000 after acquiring an additional 5,189 shares during the period. Institutional investors and hedge funds own 34.18% of the company's stock.

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.