CorMedix (NASDAQ:CRMD) Trading 6.9% Higher - What's Next?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report)'s stock price was up 6.9% on Thursday . The stock traded as high as $13.32 and last traded at $13.23. Approximately 1,565,066 shares traded hands during trading, an increase of 33% from the average daily volume of 1,179,993 shares. The stock had previously closed at $12.38.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. Royal Bank of Canada restated an "outperform" rating and issued a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. D. Boral Capital reiterated a "buy" rating and set a $15.00 target price on shares of CorMedix in a research report on Tuesday, May 6th. Leerink Partners began 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. Finally, Wall Street Zen upgraded shares of CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, CorMedix currently has an average rating of "Buy" and a consensus price target of $15.00.

CorMedix Price Performance

The company has a market cap of $948.19 million, a P/E ratio of -17.26 and a beta of 1.62. The business's 50 day moving average price is $9.93 and its 200-day moving average price is $9.93.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.05. The business had revenue of $39.08 million during the quarter, compared to analyst estimates of $38.90 million. During the same period in the prior year, the firm posted ($0.25) EPS. As a group, research analysts forecast that CorMedix Inc. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently modified their holdings of CRMD. Rhumbline Advisers raised its position in shares of CorMedix by 7.7% during the 1st quarter. Rhumbline Advisers now owns 81,565 shares of the company's stock valued at $502,000 after acquiring an additional 5,818 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CorMedix by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock valued at $222,000 after buying an additional 1,631 shares during the period. Graham Capital Management L.P. bought a new position in CorMedix during the first quarter worth about $648,000. Caption Management LLC bought a new position in CorMedix during the first quarter worth about $113,000. Finally, Trexquant Investment LP grew its position in shares of CorMedix by 588.9% during the 1st quarter. Trexquant Investment LP now owns 135,487 shares of the company's stock worth $835,000 after buying an additional 115,819 shares during the period. 34.18% of the stock is owned by 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.