CorMedix Inc (NASDAQ:CRMD) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of CorMedix Inc (NASDAQ:CRMD) have earned an average rating of “Moderate Buy” from the eight analysts that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $15.00.

CRMD has been the subject of a number of recent analyst reports. Royal Bank Of Canada reiterated an “outperform” rating and issued a $14.00 price target (up from $13.00) on shares of CorMedix in a research report on Tuesday, April 28th. Zacks Research upgraded CorMedix from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings upgraded CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. D. Boral Capital reiterated a “buy” rating and issued a $14.00 price target on shares of CorMedix in a research report on Monday, April 27th. Finally, Leerink Partners increased their price target on CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th.

Hedge Funds Weigh In On CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in CorMedix by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 4,499,010 shares of the company’s stock worth $52,323,000 after acquiring an additional 521,352 shares during the period. Marshall Wace LLP boosted its position in CorMedix by 34.6% during the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock worth $40,397,000 after acquiring an additional 893,518 shares during the period. Deerfield Management Company L.P. acquired a new stake in CorMedix during the 3rd quarter worth about $38,656,000. State Street Corp boosted its position in CorMedix by 4.6% during the 4th quarter. State Street Corp now owns 1,920,861 shares of the company’s stock worth $22,340,000 after acquiring an additional 85,240 shares during the period. Finally, Geode Capital Management LLC boosted its position in CorMedix by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,912,233 shares of the company’s stock worth $22,243,000 after acquiring an additional 102,461 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Price Performance

NASDAQ:CRMD opened at $8.44 on Friday. The business’s 50-day moving average price is $7.42 and its 200 day moving average price is $8.45. The firm has a market cap of $662.12 million, a P/E ratio of 3.96 and a beta of 1.46. CorMedix has a 52-week low of $6.13 and a 52-week high of $17.43. The company has a quick ratio of 2.74, a current ratio of 2.97 and a debt-to-equity ratio of 0.33.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The business had revenue of $127.43 million during the quarter, compared to analyst estimates of $104.96 million. During the same quarter last year, the company posted $0.30 EPS. CorMedix’s revenue for the quarter was up 226.1% on a year-over-year basis. As a group, sell-side analysts predict that CorMedix will post 0.47 earnings per share for the current fiscal year.

CorMedix declared that its board has authorized a share buyback plan on Monday, February 2nd that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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.