CorMedix (NASDAQ:CRMD) Trading Up 4.5% - Here's What Happened

Key Points

• CorMedix Inc (NASDAQ:CRMD) shares rose by 4.5% during trading, with the stock last traded at $13.32.
• Analyst ratings for CorMedix have varied, with one research firm downgrading its rating from "strong-buy" to "hold," while others maintain "buy" ratings and set target prices ranging from $17.00 to $22.00.
• In its latest earnings report, CorMedix posted $0.28 earnings per share, exceeding estimates, with a significant year-over-year revenue growth of 4830.1%.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares were up 4.5% during trading on Tuesday . The company traded as high as $13.49 and last traded at $13.32. Approximately 1,153,260 shares changed hands during trading, a decline of 47% from the average daily volume of 2,176,812 shares. The stock had previously closed at $12.75.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CRMD shares. 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 cut their target price on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a research report on Friday, August 8th. D. Boral Capital lowered shares of CorMedix from a "buy" rating to a "hold" rating in a research report on Monday, June 30th. JMP Securities reiterated a "market outperform" rating and issued a $22.00 target price on shares of CorMedix in a research report on Tuesday. Finally, Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and upped their target price for the stock from $13.00 to $17.00 in a research report on Friday, June 20th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.00.

CorMedix Stock Up 7.9%

The firm's 50-day simple moving average is $12.21 and its 200-day simple moving average is $11.15. The firm has a market capitalization of $1.03 billion, a PE ratio of 18.36 and a beta of 1.76.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP raised its stake in CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock worth $31,785,000 after buying an additional 2,349,451 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in CorMedix in the second quarter worth approximately $5,115,000. Palisades Investment Partners LLC purchased a new stake in CorMedix in the fourth quarter worth approximately $2,949,000. J. Goldman & Co LP raised its position in CorMedix by 221.1% in the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company's stock worth $3,704,000 after acquiring an additional 314,880 shares during the period. Finally, Nuveen LLC bought a new stake in shares of CorMedix during the 1st quarter valued at $1,692,000. 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.

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