CorMedix Inc. (NASDAQ:CRMD) Given Average Recommendation of “Buy” by Brokerages

Shares of CorMedix Inc. (NASDAQ:CRMD) have earned a consensus recommendation of “Buy” from the five brokerages that are currently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have covered the stock in the last year is $15.20.

A number of brokerages have commented on CRMD. StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. Needham & Company LLC increased their price target on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Truist Financial increased their target price on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Rodman & Renshaw assumed coverage on shares of CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock.

Insider Activity

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction that occurred on 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 directly owns 45,397 shares of the company’s stock, valued at $507,538.46. This represents a 75.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of CorMedix by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after buying an additional 2,562 shares during the period. Marshall Wace LLP raised its stake in CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after purchasing an additional 2,700 shares during the last quarter. Tidal Investments LLC bought a new position in CorMedix during the first quarter worth about $60,000. Finally, Commonwealth Equity Services LLC increased its stake in shares of CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares in the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

Shares of CRMD opened at $9.78 on Wednesday. CorMedix has a one year low of $2.89 and a one year high of $13.85. The company has a market cap of $593.45 million, a PE ratio of -12.07 and a beta of 1.58. The stock has a 50-day moving average of $10.04 and a 200-day moving average of $6.78.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same period last year, the business posted ($0.17) EPS. Analysts expect that CorMedix will post -0.46 EPS for the current fiscal year.

CorMedix Company Profile

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.