CorMedix (NASDAQ:CRMD) Given "Market Outperform" Rating 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 reaffirmed their market outperform rating on shares of CorMedix (NASDAQ:CRMD - Free Report) in a research note published on Tuesday morning,Benzinga reports. They currently have a $22.00 price target on the stock.

A number of other equities analysts have also recently issued reports on the company. Wall Street Zen cut CorMedix from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. D. Boral Capital cut CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. Needham & Company LLC lifted 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. HC Wainwright decreased their target price on CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Royal Bank Of Canada upgraded CorMedix from an "outperform" rating to a "moderate buy" rating and lifted their target price for the stock from $13.00 to $17.00 in a report on Friday, June 20th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, CorMedix currently has an average rating of "Moderate Buy" and an average target price of $18.00.

CorMedix Price Performance

Shares of CRMD traded down $0.15 during midday trading on Tuesday, reaching $12.94. The stock had a trading volume of 1,692,851 shares, compared to its average volume of 4,486,132. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43. The firm's 50 day moving average price is $12.31 and its 200-day moving average price is $11.22. The company has a market capitalization of $965.97 million, a P/E ratio of 17.25 and a beta of 1.76.

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

Insider Activity

In related news, CEO Joseph Todisco sold 50,000 shares of CorMedix stock in a transaction on Friday, September 12th. The stock was sold at an average price of $13.00, for a total transaction of $650,000.00. Following the completion of the sale, the chief executive officer owned 509,496 shares of the company's stock, valued at approximately $6,623,448. This trade represents a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kaufman Beth Zelnick sold 50,000 shares of CorMedix stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $13.41, for a total value of $670,500.00. Following the sale, the insider directly owned 180,418 shares of the company's stock, valued at approximately $2,419,405.38. The trade was a 21.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 153,997 shares of company stock worth $2,032,317. 5.30% of the stock is owned by corporate insiders.

Institutional Trading of CorMedix

A number of institutional investors and hedge funds have recently made changes to their positions in CRMD. Price T Rowe Associates Inc. MD lifted its position in shares of CorMedix by 27.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,445 shares of the company's stock worth $190,000 after buying an additional 5,030 shares during the last quarter. Northern Trust Corp lifted its position in shares of CorMedix by 14.4% in the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company's stock worth $4,144,000 after buying an additional 64,243 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of CorMedix in the fourth quarter worth about $103,000. Bank of America Corp DE lifted its position in shares of CorMedix by 1.9% in the fourth quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock worth $487,000 after buying an additional 1,124 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of CorMedix in the fourth quarter worth about $359,000. 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.