CorMedix (NASDAQ:CRMD) Trading Up 8.9% – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s stock price traded up 8.9% during mid-day trading on Friday . The stock traded as high as $11.62 and last traded at $11.58. 701,021 shares traded hands during trading, a decline of 2% from the average session volume of 718,056 shares. The stock had previously closed at $10.63.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 target price on shares of CorMedix in a research report on Thursday, August 15th. Truist Financial raised their price target on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC raised their price target on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw began coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Finally, StockNews.com upgraded CorMedix to a “sell” rating in a report on Friday. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.20.

CorMedix Stock Performance

The stock has a market cap of $703.85 million, a PE ratio of -14.20 and a beta of 1.58. The stock has a fifty day moving average price of $8.87 and a 200 day moving average price of $6.27.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the firm posted ($0.17) EPS. As a group, equities analysts anticipate that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. bought a new stake in shares of CorMedix during the 2nd quarter worth approximately $44,000. AlphaMark Advisors LLC bought a new stake in shares of CorMedix during the 3rd quarter worth approximately $97,000. Palumbo Wealth Management LLC bought a new stake in CorMedix during the 3rd quarter valued at $100,000. Tidal Investments LLC bought a new stake in CorMedix during the 1st quarter valued at $60,000. Finally, Price T Rowe Associates Inc. MD raised its position in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after purchasing an additional 2,562 shares in the last quarter. 34.18% of the stock is owned by 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.