CorMedix (NASDAQ:CRMD) Shares Gap Up on Better-Than-Expected Earnings

CorMedix Inc. (NASDAQ:CRMD) shares gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $9.03, but opened at $9.59. CorMedix shares last traded at $10.36, with a volume of 716,204 shares.

The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. During the same period last year, the company posted ($0.25) earnings per share.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of CorMedix from a “sell” rating to a “hold” rating in a research report on Tuesday, April 1st. D. Boral Capital reissued a “buy” rating and issued a $15.00 target price on shares of CorMedix in a report on Tuesday, April 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $12.00 price target on shares of CorMedix in a research note on Wednesday, March 26th. Leerink Partners initiated coverage on shares of CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of CorMedix in a research report on Wednesday, April 9th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $14.50.

Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. lifted its stake in shares of CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company’s stock worth $54,000 after purchasing an additional 7,599 shares during the period. Janney Montgomery Scott LLC purchased a new position in CorMedix during the fourth quarter worth about $81,000. Essex Financial Services Inc. acquired a new stake in CorMedix in the 1st quarter worth about $63,000. Captrust Financial Advisors acquired a new stake in CorMedix in the 4th quarter worth about $90,000. Finally, Aigen Investment Management LP acquired a new position in shares of CorMedix during the 4th quarter valued at about $94,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

The company’s 50-day moving average is $8.60 and its 200-day moving average is $9.75. The firm has a market capitalization of $704.41 million, a price-to-earnings ratio of -12.81 and a beta of 1.54.

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.