Truist Financial Boosts CorMedix (NASDAQ:CRMD) Price Target to $17.00

CorMedix (NASDAQ:CRMD) had its target price upped by stock analysts at Truist Financial from $12.00 to $17.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 44.31% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Royal Bank of Canada reissued an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Finally, Rodman & Renshaw began coverage on CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $13.60.

CorMedix Price Performance

Shares of NASDAQ:CRMD traded up $0.58 on Tuesday, hitting $11.78. The company’s stock had a trading volume of 806,163 shares, compared to its average volume of 638,835. The company has a market capitalization of $647.42 million, a PE ratio of -12.77 and a beta of 1.61. The company has a 50-day simple moving average of $7.30 and a 200 day simple moving average of $5.74. CorMedix has a 1 year low of $2.57 and a 1 year high of $11.79.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The company had revenue of $0.81 million during the quarter, compared to analysts’ expectations of $0.75 million. During the same period in the prior year, the business earned ($0.25) earnings per share. On average, equities research analysts expect that CorMedix will post -0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after acquiring an additional 2,562 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after purchasing an additional 2,700 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of CorMedix during the second quarter valued at approximately $44,000. Rhumbline Advisers grew its holdings in shares of CorMedix by 18.0% in 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 during the last quarter. Finally, AlphaMark Advisors LLC purchased a new position in shares of CorMedix in the third quarter worth $97,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

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.