CorMedix (NASDAQ:CRMD) Price Target Raised to $12.00

CorMedix (NASDAQ:CRMD) had its target price boosted by analysts at Royal Bank of Canada from $11.00 to $12.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 40.02% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Rodman & Renshaw began coverage on CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Truist Financial lifted their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com raised CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC lifted their price objective on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, CorMedix has an average rating of “Moderate Buy” and an average target price of $15.80.

CorMedix Stock Down 3.4 %

Shares of NASDAQ:CRMD opened at $8.57 on Thursday. CorMedix has a twelve month low of $2.89 and a twelve month high of $13.85. The stock’s 50 day moving average is $10.35 and its 200-day moving average is $7.26. The firm has a market capitalization of $520.00 million, a price-to-earnings ratio of -10.58 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to analyst estimates of $11.00 million. During the same quarter in the previous year, the company posted ($0.17) EPS. Equities research analysts anticipate that CorMedix will post -0.46 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the transaction, the executive vice president now owns 45,397 shares in the company, valued at approximately $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of CorMedix

Several hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares during the last quarter. Principal Financial Group Inc. bought a new position in CorMedix during the second quarter valued at $44,000. AlphaMark Advisors LLC bought a new position in CorMedix during the third quarter valued at $97,000. BNP Paribas Financial Markets increased its position in CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after buying an additional 6,761 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares during the period. 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.