CorMedix (NASDAQ:CRMD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of CorMedix (NASDAQ:CRMD) to a sell rating in a research report released on Friday morning.

A number of other analysts have also commented on the company. Needham & Company LLC lifted their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a report on Thursday, August 15th. Truist Financial boosted their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Rodman & Renshaw started coverage on CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target for the company. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, CorMedix presently has an average rating of “Moderate Buy” and a consensus target price of $15.20.

CorMedix Stock Performance

Shares of NASDAQ:CRMD opened at $11.60 on Friday. CorMedix has a 52-week low of $2.57 and a 52-week high of $13.85. The firm has a market capitalization of $703.89 million, a P/E ratio of -14.32 and a beta of 1.58. The stock has a 50 day moving average price of $8.98 and a 200-day moving average price of $6.33.

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

Hedge Funds Weigh In On CorMedix

Large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in shares of CorMedix by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after purchasing an additional 2,562 shares in the last quarter. Marshall Wace LLP increased its position in shares of 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 increased its position in shares of CorMedix by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after acquiring an additional 2,700 shares during the period. Tidal Investments LLC acquired a new position in shares of CorMedix in the 1st quarter valued at $60,000. Finally, Commonwealth Equity Services LLC increased its position in shares of CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after acquiring an additional 56,963 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

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.