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

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

Wall Street Analysts Forecast Growth

CRMD has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $9.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Rodman & Renshaw initiated coverage on CorMedix in a research report on Monday, August 26th. They issued a “buy” rating and a $13.00 price objective on the stock. StockNews.com upgraded CorMedix to a “sell” rating in a research report on Friday. Truist Financial boosted their price target on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC upped their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and an average price target of $15.20.

CorMedix Stock Performance

The firm has a fifty day simple moving average of $8.98 and a two-hundred day simple moving average of $6.32. The firm has a market cap of $703.89 million, a PE ratio of -14.32 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the prior year, the firm posted ($0.17) EPS. Equities analysts forecast that CorMedix Inc. will post -0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. Principal Financial Group Inc. bought a new stake in shares of CorMedix in the 2nd quarter valued at approximately $44,000. AlphaMark Advisors LLC bought a new stake in CorMedix in the third quarter worth $97,000. Palumbo Wealth Management LLC purchased a new position in CorMedix during the third quarter worth $100,000. Tidal Investments LLC bought a new position in CorMedix during the first quarter valued at $60,000. Finally, 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 acquiring an additional 2,562 shares during the period. Hedge funds and other 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.