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

CorMedix (NASDAQ:CRMD) had its price target hoisted by Truist Financial from $12.00 to $17.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

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

CorMedix Stock Up 1.0 %

CRMD opened at $12.47 on Tuesday. The business has a fifty day moving average of $7.77 and a 200 day moving average of $5.88. CorMedix has a 52-week low of $2.57 and a 52-week high of $12.67. The stock has a market cap of $685.34 million, a P/E ratio of -13.41 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The business had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $0.75 million. During the same quarter in the previous year, the firm earned ($0.25) EPS. Equities analysts anticipate that CorMedix will post -0.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CRMD. Vanguard Group Inc. raised its position in shares of CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after acquiring an additional 102,851 shares in the last quarter. Marshall Wace LLP raised its position in shares of CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of CorMedix in the 2nd quarter worth $138,000. Finally, Bank of New York Mellon Corp raised its position in shares of CorMedix by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

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.