CorMedix (NASDAQ:CRMD) Shares Gap Up – Here’s Why

CorMedix Inc (NASDAQ:CRMD) gapped up prior to trading on Wednesday . The stock had previously closed at $7.78, but opened at $8.02. CorMedix shares last traded at $7.86, with a volume of 118,594 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Oppenheimer initiated coverage on shares of CorMedix in a report on Wednesday. They set an “outperform” rating and a $15.00 target price for the company. Royal Bank Of Canada upped their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research report on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, CorMedix presently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

CorMedix Trading Down 0.4%

The business has a 50-day moving average of $7.94 and a 200 day moving average of $7.78. The stock has a market cap of $604.03 million, a PE ratio of 3.62 and a beta of 1.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56.

CorMedix (NASDAQ:CRMD) last released its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $101.93 million for the quarter, compared to analyst estimates of $96.04 million. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. Equities research analysts predict that CorMedix Inc will post 0.54 EPS for the current fiscal year.

Institutional Trading of CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of CorMedix during the second quarter worth about $49,644,000. Bank of New York Mellon Corp bought a new stake in CorMedix in the second quarter valued at about $3,108,000. Pacer Advisors Inc. raised its stake in CorMedix by 128.7% during the first quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock valued at $3,942,000 after buying an additional 326,724 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in CorMedix by 150.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock valued at $3,443,000 after buying an additional 263,618 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in CorMedix during the 2nd quarter worth approximately $1,909,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

About CorMedix

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat infectious and inflammatory complications associated with medical devices and procedures. The company’s lead product is DefenCath (taurolidine and heparin), an antimicrobial catheter lock solution intended to help reduce catheter-related bloodstream infections in adult patients receiving chronic hemodialysis through central venous catheters.

DefenCath was approved by the U.S.