CorMedix (NASDAQ:CRMD) Upgraded to Sell at StockNews.com

StockNews.com upgraded shares of CorMedix (NASDAQ:CRMD) to a sell rating in a research note issued to investors on Friday.

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

CorMedix Trading Up 9.1 %

CorMedix stock traded up $0.97 on Friday, hitting $11.60. The company’s stock had a trading volume of 1,502,336 shares, compared to its average volume of 1,553,714. CorMedix has a one year low of $2.57 and a one year high of $13.85. The company has a fifty day moving average price of $8.98 and a 200-day moving average price of $6.32.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) 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 analyst estimates of $11.00 million. During the same period last year, the company earned ($0.17) EPS. On average, analysts expect that CorMedix will post -0.46 EPS for the current year.

Institutional Investors Weigh In On CorMedix

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after buying an additional 102,851 shares during the period. Bank of New York Mellon Corp increased its position in CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares during the period. Marshall Wace LLP raised its holdings in CorMedix by 109.6% during the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in CorMedix by 150.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after purchasing an additional 56,963 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of CorMedix by 18.0% in the 2nd quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after purchasing an additional 11,339 shares during the last quarter. 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.