CorMedix’s (CRMD) Market Outperform Rating Reiterated at JMP Securities

CorMedix (NASDAQ:CRMD)‘s stock had its “market outperform” rating reiterated by equities researchers at JMP Securities in a note issued to investors on Tuesday,Benzinga reports. They presently have a $22.00 target price on the stock. JMP Securities’ price objective suggests a potential upside of 72.55% from the company’s current price.

Several other research firms have also recently weighed in on CRMD. Royal Bank Of Canada raised CorMedix from an “outperform” rating to a “moderate buy” rating and lifted their target price for the company from $13.00 to $17.00 in a research note on Friday, June 20th. D Boral Capital cut CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 30th. D. Boral Capital cut CorMedix from a “buy” rating to a “hold” rating in a research note on Monday, June 30th. Wall Street Zen cut CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Needham & Company LLC lifted their target price on CorMedix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

CorMedix Trading Up 2.8%

NASDAQ CRMD opened at $12.75 on Tuesday. The stock’s 50-day moving average price is $12.21 and its two-hundred day moving average price is $11.15. The company has a market cap of $951.79 million, a PE ratio of 17.00 and a beta of 1.76. CorMedix has a 1 year low of $5.37 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 (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.08. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The firm had revenue of $39.74 million for the quarter, compared to the consensus estimate of $29.88 million. During the same quarter in the previous year, the company earned ($0.25) EPS. The business’s revenue for the quarter was up 4830.1% compared to the same quarter last year. Research analysts forecast that CorMedix will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new stake in shares of CorMedix in the 1st quarter valued at approximately $98,000. Balyasny Asset Management L.P. acquired a new stake in CorMedix in the 4th quarter worth approximately $359,000. Essex Financial Services Inc. acquired a new stake in CorMedix in the 1st quarter worth approximately $63,000. Swiss National Bank acquired a new stake in CorMedix in the 1st quarter worth approximately $724,000. Finally, ProShare Advisors LLC lifted its holdings in CorMedix by 92.2% in the 4th quarter. ProShare Advisors LLC now owns 19,947 shares of the company’s stock worth $162,000 after purchasing an additional 9,568 shares during the last quarter. 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.