CorMedix (NASDAQ:CRMD) Lowered to Buy Rating by Wall Street Zen

Key Points

• CorMedix has been downgraded by Wall Street Zen from a "strong-buy" to a "buy" rating, following a trend of mixed ratings from various analysts.
• The company's latest earnings report showed a significant revenue increase of 4830.1% compared to the same quarter last year, with earnings per share surpassing estimates.
• Institutional investors have recently increased their holdings in CorMedix, with SBI Securities lifting its position by 699.7% in the first quarter.

Wall Street Zen downgraded shares of CorMedix (NASDAQ:CRMD - Free Report) from a strong-buy rating to a buy rating in a report released on Saturday morning.

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

CorMedix Trading Up 14.4%

Shares of NASDAQ:CRMD traded up $1.45 during trading on Friday, reaching $11.52. The company's stock had a trading volume of 3,596,627 shares, compared to its average volume of 1,880,870. The stock has a market capitalization of $859.97 million, a PE ratio of 15.36 and a beta of 1.71. CorMedix has a 12 month low of $3.61 and a 12 month high of $17.43. The firm's 50 day simple moving average is $12.47 and its two-hundred day simple moving average is $10.77.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in CorMedix by 1.9% in the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock worth $487,000 after acquiring an additional 1,124 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in CorMedix by 5.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company's stock valued at $338,000 after purchasing an additional 1,478 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of CorMedix by 4.7% in the 1st 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 in the last quarter. Nuveen Asset Management LLC raised its stake in CorMedix by 1.0% in the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company's stock worth $1,393,000 after acquiring an additional 1,679 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of CorMedix by 4.4% during the 2nd quarter. Franklin Resources Inc. now owns 40,420 shares of the company's stock valued at $498,000 after buying an additional 1,720 shares during the last quarter. 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.