CorMedix Inc (NASDAQ:CRMD) Receives Consensus Recommendation of “Buy” from Brokerages

CorMedix Inc (NASDAQ:CRMD) has been assigned a consensus rating of “Buy” from the ten analysts that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $18.8333.

A number of equities research analysts recently issued reports on CRMD shares. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a report on Friday. Wall Street Zen cut shares of CorMedix from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 11th. Zacks Research cut shares of CorMedix from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $22.00 price target (up from $21.00) on shares of CorMedix in a report on Tuesday. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th.

Insider Activity

In other news, CEO Joseph Todisco sold 50,000 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $13.00, for a total transaction of $650,000.00. Following the completion of the transaction, the chief executive officer owned 509,496 shares in the company, valued at approximately $6,623,448. This represents a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Elizabeth Hurlburt sold 41,121 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $13.08, for a total transaction of $537,862.68. Following the transaction, the chief operating officer owned 176,990 shares of the company’s stock, valued at $2,315,029.20. This represents a 18.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,997 shares of company stock worth $2,163,617 over the last ninety days. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently bought and sold shares of the stock. Teacher Retirement System of Texas bought a new position in CorMedix in the 1st quarter valued at about $98,000. Essex Financial Services Inc. purchased a new stake in shares of CorMedix in the first quarter worth approximately $63,000. Swiss National Bank purchased a new stake in shares of CorMedix in the first quarter worth approximately $724,000. Trexquant Investment LP lifted its position in shares of CorMedix by 588.9% in the first quarter. Trexquant Investment LP now owns 135,487 shares of the company’s stock worth $835,000 after purchasing an additional 115,819 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of CorMedix in the first quarter worth approximately $1,540,000. Institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

NASDAQ:CRMD opened at $11.17 on Friday. The firm has a 50 day simple moving average of $12.15 and a 200-day simple moving average of $11.68. The firm has a market cap of $871.93 million, a PE ratio of 14.89 and a beta of 1.85. CorMedix has a 1-year low of $5.60 and a 1-year high of $17.43.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. The business had revenue of $39.74 million during the quarter, compared to analyst estimates of $29.88 million. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The company’s revenue was up 4830.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.25) earnings per share. As a group, sell-side analysts expect that CorMedix will post -0.32 earnings per share for the current fiscal year.

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.