CorMedix (NASDAQ:CRMD) Price Target Raised to $12.00

CorMedix (NASDAQ:CRMD) had its price target upped by stock analysts at Royal Bank of Canada from $11.00 to $12.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 37.30% from the stock’s current price.

Other research analysts also recently issued reports about the company. Truist Financial increased their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. StockNews.com raised CorMedix to a “sell” rating in a research report on Friday, November 8th. Needham & Company LLC increased their price target on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Rodman & Renshaw began coverage on CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and an average price target of $15.80.

CorMedix Price Performance

Shares of CRMD stock traded up $0.62 on Thursday, reaching $8.74. 416,250 shares of the stock were exchanged, compared to its average volume of 743,734. The stock has a 50 day moving average price of $10.40 and a 200 day moving average price of $7.22. The stock has a market cap of $530.32 million, a PE ratio of -10.79 and a beta of 1.54. CorMedix has a one year low of $2.89 and a one year high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same quarter last year, the business posted ($0.17) EPS. On average, research analysts expect that CorMedix will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the sale, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after buying an additional 1,625 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after acquiring an additional 2,700 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of CorMedix by 10.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock worth $422,000 after acquiring an additional 4,935 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of CorMedix by 130.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after purchasing an additional 6,761 shares in the last quarter. Finally, Sigma Planning Corp boosted its stake in shares of CorMedix by 23.8% in the 3rd quarter. Sigma Planning Corp now owns 39,947 shares of the company’s stock valued at $323,000 after purchasing an additional 7,679 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

About CorMedix

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.