CorMedix (NASDAQ:CRMD) Sets New 1-Year High – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD) shares hit a new 52-week high on Wednesday . The stock traded as high as $10.47 and last traded at $10.43, with a volume of 145837 shares. The stock had previously closed at $10.09.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRMD shares. Truist Financial lowered their target price on shares of CorMedix from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of CorMedix in a research report on Thursday, August 15th. Royal Bank of Canada restated an “outperform” rating and set a $9.00 target price on shares of CorMedix in a research report on Thursday, August 15th. Finally, Rodman & Renshaw initiated coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $12.60.

CorMedix Stock Performance

The company has a fifty day simple moving average of $6.75 and a two-hundred day simple moving average of $5.55. The company has a market capitalization of $579.82 million, a price-to-earnings ratio of -10.85 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to analyst estimates of $0.75 million. During the same quarter in the previous year, the company posted ($0.25) earnings per share. As a group, analysts expect that CorMedix Inc. will post -0.58 EPS for the current year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently bought and sold shares of the stock. Creative Planning purchased a new position in CorMedix during the third quarter worth approximately $129,000. SG Americas Securities LLC acquired a new stake in shares of CorMedix during the 3rd quarter worth $152,000. Sanctuary Advisors LLC acquired a new stake in shares of CorMedix during the 2nd quarter worth $138,000. The Manufacturers Life Insurance Company increased its holdings in shares of CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after buying an additional 2,700 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of CorMedix by 109.6% during the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after buying an additional 79,619 shares during the last quarter. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.