CorMedix (NASDAQ:CRMD) Shares Gap Up on Better-Than-Expected Earnings

Shares of CorMedix Inc (NASDAQ:CRMD) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.50, but opened at $8.55. CorMedix shares last traded at $8.1450, with a volume of 1,757,922 shares changing hands.

The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.08. The business had revenue of $127.43 million during the quarter, compared to analyst estimates of $104.96 million. CorMedix had a return on equity of 52.30% and a net margin of 52.31%.CorMedix’s quarterly revenue was up 226.1% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share.

CorMedix declared that its Board of Directors has authorized a stock repurchase program on Monday, February 2nd that permits the company to repurchase $75.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

CRMD has been the subject of several recent research reports. D. Boral Capital reissued a “buy” rating and issued a $14.00 price target on shares of CorMedix in a research note on Monday, April 27th. Leerink Partners boosted their target price on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Zacks Research lowered shares of CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. Royal Bank Of Canada restated an “outperform” rating and set a $14.00 price target (up from $13.00) on shares of CorMedix in a report on Tuesday, April 28th. Finally, HC Wainwright reduced their price objective 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. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, CorMedix currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Institutional Investors Weigh In On CorMedix

Large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its holdings in CorMedix by 22.2% during the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock valued at $81,000 after purchasing an additional 1,190 shares during the last quarter. Palisades Investment Partners LLC lifted its stake in shares of CorMedix by 0.3% in the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company’s stock worth $6,561,000 after buying an additional 1,579 shares during the last quarter. Gryphon Financial Partners LLC boosted its holdings in shares of CorMedix by 6.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock worth $186,000 after buying an additional 1,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CorMedix by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock worth $222,000 after buying an additional 1,631 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in CorMedix by 6.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock worth $310,000 after acquiring an additional 1,707 shares during the period. Institutional investors own 34.18% of the company’s stock.

CorMedix Stock Up 6.6%

The stock has a market cap of $626.97 million, a P/E ratio of 4.00 and a beta of 1.46. 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 firm’s fifty day moving average is $7.07 and its 200 day moving average is $8.69.

About CorMedix

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.