Brokerages Set CorMedix Inc (NASDAQ:CRMD) Target Price at $15.00

Shares of CorMedix Inc (NASDAQ:CRMD) have received an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $15.00.

Several research analysts have recently issued reports on CRMD shares. Needham & Company LLC upped their target price on shares of CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, April 27th. Citizens Jmp restated a “market outperform” rating and issued a $19.00 target price on shares of CorMedix in a report on Tuesday, April 28th. Leerink Partners upped their target price on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Zacks Research cut shares of CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. Finally, HC Wainwright decreased their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, January 23rd.

CorMedix Stock Performance

Shares of CorMedix stock opened at $7.92 on Wednesday. The company has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $8.80. CorMedix has a 12-month low of $6.13 and a 12-month high of $17.43. The company has a current ratio of 2.11, a quick ratio of 1.94 and a debt-to-equity ratio of 0.36. The stock has a market cap of $621.24 million, a price-to-earnings ratio of 3.96 and a beta of 1.46.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.70). CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The company had revenue of $128.62 million during the quarter, compared to analyst estimates of $127.02 million. During the same quarter in the previous year, the company posted $0.22 EPS. The company’s quarterly revenue was up 312.1% on a year-over-year basis. On average, equities analysts forecast that CorMedix will post 0.44 EPS for the current fiscal year.

CorMedix announced that its Board of Directors has authorized a share buyback program on Monday, February 2nd that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of CorMedix

Large investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP boosted its stake in CorMedix by 305.7% during the 3rd quarter. Divisadero Street Capital Management LP now owns 288,050 shares of the company’s stock worth $3,350,000 after purchasing an additional 217,050 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in CorMedix during the 3rd quarter worth $1,515,000. Hussman Strategic Advisors Inc. boosted its stake in CorMedix by 400.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 315,000 shares of the company’s stock worth $3,663,000 after purchasing an additional 252,000 shares during the period. Royce & Associates LP purchased a new position in CorMedix during the 3rd quarter worth $5,132,000. Finally, Phocas Financial Corp. purchased a new position in CorMedix during the 4th quarter worth $1,990,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.