CorMedix Inc (NASDAQ:CRMD) Receives Consensus Recommendation of “Buy” from Analysts

CorMedix Inc (NASDAQ:CRMD) has been given a consensus recommendation of “Buy” by the nine research firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $15.8571.

CRMD has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. Needham & Company LLC reduced their target price on CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Wall Street Zen cut CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Royal Bank Of Canada set a $13.00 price objective on CorMedix and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, D. Boral Capital reiterated a “buy” rating and issued a $14.00 target price on shares of CorMedix in a research report on Thursday, January 8th.

Insider Activity at CorMedix

In other CorMedix news, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total transaction of $475,200.00. Following the sale, the director owned 80,498 shares of the company’s stock, valued at approximately $956,316.24. The trade was a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $12.00, for a total value of $360,000.00. Following the completion of the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at $6,113,952. The trade was a 5.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 90,000 shares of company stock valued at $1,095,200. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On CorMedix

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Deerfield Management Company L.P. bought a new stake in shares of CorMedix during the third quarter worth about $38,656,000. Marshall Wace LLP boosted its position in CorMedix by 1,019.2% during the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after buying an additional 2,349,451 shares during the period. UBS Group AG grew its holdings in CorMedix by 295.3% during the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock worth $12,687,000 after acquiring an additional 814,964 shares during the last quarter. Jump Financial LLC acquired a new position in CorMedix in the 3rd quarter valued at approximately $9,003,000. Finally, Raymond James Financial Inc. increased its position in CorMedix by 646.8% in the 3rd quarter. Raymond James Financial Inc. now owns 651,987 shares of the company’s stock valued at $7,583,000 after acquiring an additional 564,688 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Stock Performance

CRMD opened at $7.76 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. CorMedix has a 52-week low of $5.60 and a 52-week high of $17.43. The firm has a market cap of $611.41 million, a P/E ratio of 3.77 and a beta of 1.36. The business’s fifty day moving average is $9.93 and its 200-day moving average is $11.10.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.78. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The business had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. CorMedix’s revenue was up 810.2% compared to the same quarter last year. Sell-side analysts expect that CorMedix will post -0.32 EPS for the current fiscal year.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.