Truist Financial Cuts CorMedix (NASDAQ:CRMD) Price Target to $12.00

CorMedix (NASDAQ:CRMD) had its price objective cut by analysts at Truist Financial from $14.00 to $12.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 155.32% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. JMP Securities restated a “market outperform” rating and set a $19.00 price objective on shares of CorMedix in a research report on Tuesday, April 9th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of CorMedix in a report on Wednesday, June 19th.

CorMedix Stock Performance

CRMD traded down $0.07 during trading on Thursday, reaching $4.70. The company’s stock had a trading volume of 70,585 shares, compared to its average volume of 526,992. CorMedix has a 52-week low of $2.57 and a 52-week high of $7.00. The company’s fifty day moving average price is $4.76 and its 200-day moving average price is $4.33. The company has a market capitalization of $258.31 million, a price-to-earnings ratio of -5.05 and a beta of 1.60.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. Equities analysts predict that CorMedix will post -0.85 earnings per share for the current year.

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently made changes to their positions in CRMD. Tower Research Capital LLC TRC lifted its holdings in CorMedix by 325.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,981 shares of the company’s stock worth $53,000 after buying an additional 10,695 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of CorMedix in the 1st quarter worth approximately $60,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of CorMedix by 21.2% in the 1st 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 during the last quarter. Beacon Pointe Advisors LLC bought a new stake in shares of CorMedix in the 4th quarter worth approximately $90,000. Finally, MJP Associates Inc. ADV bought a new stake in shares of CorMedix in the 4th quarter worth approximately $94,000. Institutional investors own 34.18% of the company’s stock.

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.