CorMedix's (CRMD) Market Outperform Rating Reaffirmed at JMP Securities

Key Points

• CorMedix's stock received a "market outperform" rating from JMP Securities, which has set a target price of $22.00, indicating a potential upside of 72.55%.
• The company recently reported $0.28 earnings per share for the quarter, exceeding expectations and reflecting a significant 4830.1% increase in revenue compared to the previous year.
• Current market sentiment includes ratings of one Strong Buy, five Buy ratings, and two Hold ratings, with an average rating of "Moderate Buy" and a consensus target price of $18.00.

JMP Securities reiterated their market outperform rating on shares of CorMedix (NASDAQ:CRMD - Free Report) in a research note published on Tuesday,Benzinga reports. They currently have a $22.00 price objective on the stock.

Several other analysts have also recently commented on the company. Wall Street Zen cut CorMedix from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC increased their target price on CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. D. Boral Capital lowered CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. D Boral Capital lowered CorMedix from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 30th. Finally, HC Wainwright cut their price target on CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. One 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 company's stock. According to MarketBeat.com, CorMedix presently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

CorMedix Price Performance

Shares of CRMD traded down $0.15 on Tuesday, reaching $12.94. 1,692,851 shares of the stock traded hands, compared to its average volume of 4,486,132. The firm has a market cap of $965.97 million, a price-to-earnings ratio of 17.45 and a beta of 1.76. CorMedix has a 12 month low of $5.60 and a 12 month high of $17.43. The stock's 50-day moving average price is $12.31 and its 200-day moving average price is $11.22.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.08. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The business had revenue of $39.74 million for the quarter, compared to analysts' expectations of $29.88 million. During the same period in the previous year, the business posted ($0.25) earnings per share. CorMedix's quarterly revenue was up 4830.1% on a year-over-year basis. As a group, equities research analysts forecast that CorMedix will post -0.32 earnings per share for the current fiscal year.

Insider Transactions at CorMedix

In other CorMedix news, insider Kaufman Beth Zelnick sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $13.41, for a total value of $670,500.00. Following the completion of the transaction, the insider directly owned 180,418 shares in the company, valued at $2,419,405.38. This trade represents a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total value of $537,862.68. Following the completion of the sale, the chief operating officer directly owned 176,990 shares of the company's stock, valued at approximately $2,315,029.20. The trade was a 18.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,997 shares of company stock valued at $1,382,317. Company insiders own 5.30% of the company's stock.

Institutional Trading of CorMedix

A number of hedge funds have recently made changes to their positions in CRMD. Teacher Retirement System of Texas acquired a new stake in CorMedix during the 1st quarter worth approximately $98,000. Balyasny Asset Management L.P. acquired a new stake in CorMedix during the 4th quarter worth approximately $359,000. Essex Financial Services Inc. acquired a new stake in CorMedix during the 1st quarter worth approximately $63,000. Swiss National Bank acquired a new stake in CorMedix during the 1st quarter worth approximately $724,000. Finally, ProShare Advisors LLC lifted its holdings in CorMedix by 92.2% during the 4th quarter. ProShare Advisors LLC now owns 19,947 shares of the company's stock worth $162,000 after purchasing an additional 9,568 shares during the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

About CorMedix

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.