CorMedix (NASDAQ:CRMD) Stock Price Up 8.9% – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s stock price was up 8.9% during mid-day trading on Friday . The company traded as high as $11.62 and last traded at $11.58. Approximately 701,021 shares were traded during trading, a decline of 2% from the average daily volume of 718,056 shares. The stock had previously closed at $10.63.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRMD shares. Truist Financial upped their price target on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th. Needham & Company LLC upped their price target on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw started coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Finally, StockNews.com raised CorMedix to a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.20.

CorMedix Stock Up 9.1 %

The business has a fifty day simple moving average of $8.87 and a two-hundred day simple moving average of $6.27. The company has a market cap of $703.85 million, a P/E ratio of -14.20 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period last year, the business earned ($0.17) EPS. On average, equities analysts predict that CorMedix Inc. will post -0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of CorMedix by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after buying an additional 102,851 shares during the period. Bank of New York Mellon Corp grew its position in shares of CorMedix by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares in the last quarter. Marshall Wace LLP grew its position in shares of CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of CorMedix by 18.0% during the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after purchasing an additional 11,339 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.