CorMedix (NASDAQ:CRMD) Shares Cross Above 50-Day Moving Average - Here's What Happened

Key Points

• CorMedix shares crossed above their 50-day moving average, reaching $8.09 before closing at $7.94, compared with a 50-day average of $7.86.
• Analysts remain broadly positive: seven rate the stock a Buy and two a Hold, producing a “Moderate Buy” consensus and an average price target of $15.00.
• The company exceeded quarterly expectations, reporting $0.29 in EPS versus a $0.24 estimate and $101.93 million in revenue versus a $96.04 million consensus; institutional investors own 34.18% of its shares.

CorMedix Inc (NASDAQ:CRMD - Get Free Report)'s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $7.86 and traded as high as $8.09. CorMedix shares last traded at $7.94, with a volume of 1,130,265 shares traded.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CRMD shares. Needham & Company LLC reissued a "buy" rating and set a $15.00 price target on shares of CorMedix in a research report on Monday, October 19th. Oppenheimer initiated coverage on CorMedix in a research report on Wednesday, September 23rd. They issued an "outperform" rating and a $15.00 target price for the company. Royal Bank Of Canada upped their target price on CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Weiss Ratings upgraded CorMedix from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, CorMedix has an average rating of "Moderate Buy" and an average target price of $15.00.

CorMedix Price Performance

The stock has a market cap of $618.84 million, a PE ratio of 3.71, a P/E/G ratio of 1.45 and a beta of 1.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. The business has a fifty day moving average of $7.86 and a 200 day moving average of $7.68.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. The company had revenue of $101.93 million for the quarter, compared to the consensus estimate of $96.04 million. Sell-side analysts anticipate that CorMedix Inc will post 0.54 earnings per share for the current year.

Institutional Trading of CorMedix

A number of hedge funds have recently made changes to their positions in CRMD. BlackRock Inc. acquired a new stake in CorMedix in the second quarter valued at $49,644,000. Pacer Advisors Inc. boosted its stake in CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company's stock valued at $3,942,000 after acquiring an additional 326,724 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in CorMedix by 150.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company's stock valued at $3,443,000 after acquiring an additional 263,618 shares during the last quarter. Private Advisor Group LLC grew its holdings in CorMedix by 33.3% during the 1st quarter. Private Advisor Group LLC now owns 504,668 shares of the company's stock worth $3,427,000 after acquiring an additional 126,131 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in CorMedix during the 2nd quarter worth $3,108,000. Institutional investors and hedge funds own 34.18% of the company's stock.

About CorMedix

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company's lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.

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