HC Wainwright Cuts CorMedix (NASDAQ:CRMD) Price Target to $17.00

Key Points

• HC Wainwright has reduced its price target for CorMedix (NASDAQ:CRMD) from $20.00 to $17.00, indicating a potential upside of 60.59% from the previous close.
• The stock has an average rating of Moderate Buy, with three analysts rating it as a hold and five as a buy, while the average price target stands at $16.71.
• CorMedix reported earnings of $0.28 per share for the latest quarter, significantly exceeding analyst expectations of $0.17, with a year-over-year revenue increase of 4830.1%.

CorMedix (NASDAQ:CRMD - Get Free Report) had its target price reduced by analysts at HC Wainwright from $20.00 to $17.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's target price suggests a potential upside of 60.59% from the company's previous close.

Other equities analysts have also issued research reports about the stock. D. Boral Capital lowered shares of CorMedix from a "buy" rating to a "hold" rating in a research report on Monday, June 30th. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and increased their price objective for the company from $13.00 to $17.00 in a report on Friday, June 20th. D Boral Capital cut CorMedix from a "strong-buy" rating to a "hold" rating in a report on Monday, June 30th. Finally, Needham & Company LLC raised their price target on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $16.71.

CorMedix Stock Performance

Shares of CorMedix stock opened at $10.59 on Friday. The company has a fifty day moving average of $12.56 and a 200 day moving average of $10.82. The company has a market capitalization of $718.00 million, a P/E ratio of 48.54 and a beta of 1.71. CorMedix has a fifty-two week low of $3.61 and a fifty-two week high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.11. CorMedix had a return on equity of 22.57% and a net margin of 20.81%. The firm had revenue of $39.74 million during the quarter, compared to analysts' expectations of $29.88 million. During the same quarter last year, the business posted ($0.25) earnings per share. The firm's revenue was up 4830.1% on a year-over-year basis. Analysts forecast that CorMedix will post -0.32 EPS for the current year.

Institutional Trading of CorMedix

Several hedge funds and other institutional investors have recently bought and sold shares of CRMD. Bank of America Corp DE boosted its stake in shares of CorMedix by 1.9% during the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock worth $487,000 after purchasing an additional 1,124 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in CorMedix by 5.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company's stock worth $338,000 after purchasing an additional 1,478 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CorMedix by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock worth $222,000 after purchasing an additional 1,631 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of CorMedix by 1.0% during the fourth quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company's stock valued at $1,393,000 after purchasing an additional 1,679 shares during the period. Finally, Texas Yale Capital Corp. grew its holdings in shares of CorMedix by 10.0% in the second quarter. Texas Yale Capital Corp. now owns 22,000 shares of the company's stock worth $271,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company's stock.

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.

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