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

CorMedix (NASDAQ:CRMD) had its price target upped by Royal Bank of Canada from $11.00 to $12.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

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

CorMedix Stock Performance

Shares of CRMD stock opened at $8.57 on Thursday. The company has a market capitalization of $520.00 million, a price-to-earnings ratio of -10.58 and a beta of 1.54. The stock’s 50 day simple moving average is $10.35 and its 200 day simple moving average is $7.27. CorMedix has a twelve month low of $2.89 and a twelve month high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping 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 quarter in the previous year, the firm posted ($0.17) earnings per share. On average, analysts forecast that CorMedix will post -0.46 EPS for the current fiscal year.

Insider Transactions at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the firm’s 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 directly owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. This trade represents a 75.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRMD. Wellington Management Group LLP grew its stake in shares of CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares during the period. Parallax Volatility Advisers L.P. acquired a new stake in CorMedix in the 3rd quarter valued at $648,000. Marshall Wace LLP grew its position in CorMedix by 109.6% in the second 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. Commonwealth Equity Services LLC raised its stake in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of CorMedix during the second quarter valued at $138,000. Institutional investors and hedge funds 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.