CorMedix (NASDAQ:CRMD) Given “Outperform” Rating at Royal Bank of Canada

CorMedix (NASDAQ:CRMD)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank of Canada in a report issued on Wednesday,Benzinga reports. They currently have a $12.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 67.95% from the company’s current price.

A number of other research firms have also recently weighed in on CRMD. D. Boral Capital restated a “buy” rating and issued a $15.00 price target on shares of CorMedix in a research note on Tuesday. Needham & Company LLC dropped their price objective on shares of CorMedix from $18.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday. Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Finally, Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, CorMedix has a consensus rating of “Moderate Buy” and an average target price of $15.14.

CorMedix Stock Performance

CRMD traded down $0.20 during trading on Wednesday, reaching $7.15. 1,139,235 shares of the stock were exchanged, compared to its average volume of 951,865. The stock has a market cap of $433.54 million, a P/E ratio of -8.82 and a beta of 1.53. The stock’s 50 day moving average price is $10.76 and its two-hundred day moving average price is $9.92. CorMedix has a twelve month low of $3.61 and a twelve month high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. The firm’s revenue for the quarter was up 29900.0% on a year-over-year basis. Equities research analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Large investors have recently added to or reduced their stakes in the stock. Palisades Investment Partners LLC acquired a new position in CorMedix in the 4th quarter valued at $2,949,000. Two Sigma Investments LP raised its stake in CorMedix by 19.7% in the fourth quarter. Two Sigma Investments LP now owns 31,489 shares of the company’s stock valued at $255,000 after purchasing an additional 5,189 shares in the last quarter. Rafferty Asset Management LLC bought a new stake in CorMedix during the fourth quarter worth about $120,000. ProShare Advisors LLC increased its holdings in CorMedix by 92.2% in the 4th quarter. ProShare Advisors LLC now owns 19,947 shares of the company’s stock valued at $162,000 after buying an additional 9,568 shares during the period. Finally, Nuveen Asset Management LLC raised its position in shares of CorMedix by 1.0% in the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock valued at $1,393,000 after buying an additional 1,679 shares in the last quarter. Institutional investors and hedge funds 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.