CorMedix (NASDAQ:CRMD) Stock Price Up 8.9% - Should You Buy?

Key Points

• CorMedix Inc (NASDAQ:CRMD) experienced an 8.9% increase in stock price, closing at $10.97 after trading as high as $10.86.
• The company's recent quarterly earnings report revealed a significant EPS of $0.28, surpassing estimates and showing a remarkable 4830.1% year-over-year revenue growth.
• Current analyst ratings feature two hold, six buy, and one strong buy, with a consensus price target of $16.71.

CorMedix Inc (NASDAQ:CRMD - Get Free Report)'s share price rose 8.9% during trading on Tuesday . The stock traded as high as $10.86 and last traded at $10.97. Approximately 665,496 shares changed hands during trading, a decline of 64% from the average daily volume of 1,862,868 shares. The stock had previously closed at $10.07.

Analyst Ratings Changes

CRMD has been the subject of several recent research reports. D Boral Capital lowered shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. HC Wainwright set a $17.00 price objective on shares of CorMedix and gave the stock a "buy" rating in a report on Friday. D. Boral Capital downgraded shares of CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and upped their price objective for the stock from $13.00 to $17.00 in a report on Friday, June 20th. Finally, Wall Street Zen downgraded shares of CorMedix from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.71.

CorMedix Stock Performance

The company has a market capitalization of $840.11 million, a price-to-earnings ratio of 14.97 and a beta of 1.71. The stock's fifty day simple moving average is $12.47 and its two-hundred day simple moving average is $10.77.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The company had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same period in the prior year, the company earned ($0.25) EPS. CorMedix's revenue was up 4830.1% on a year-over-year basis. On average, equities analysts anticipate that CorMedix Inc will post -0.32 EPS for the current fiscal year.

Institutional Trading of CorMedix

Several institutional investors and hedge funds have recently bought and sold shares of CRMD. Vanguard Group Inc. raised its holdings in CorMedix by 10.1% during the 4th quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company's stock worth $27,363,000 after buying an additional 309,514 shares during the period. JPMorgan Chase & Co. raised its holdings in CorMedix by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 273,218 shares of the company's stock worth $2,213,000 after buying an additional 79,110 shares during the period. Alliancebernstein L.P. raised its holdings in CorMedix by 53.0% during the 4th quarter. Alliancebernstein L.P. now owns 49,780 shares of the company's stock worth $403,000 after buying an additional 17,250 shares during the period. Franklin Resources Inc. acquired a new stake in CorMedix during the 4th quarter worth about $177,000. Finally, Geode Capital Management LLC raised its holdings in CorMedix by 8.4% during the 4th quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company's stock worth $11,284,000 after buying an additional 108,356 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.

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