CorMedix (NASDAQ:CRMD) Hits New 12-Month High – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s share price hit a new 52-week high on Thursday . The company traded as high as $15.38 and last traded at $14.59, with a volume of 1953233 shares changing hands. The stock had previously closed at $14.89.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Needham & Company LLC increased their price target on shares of CorMedix from $12.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $12.00 price target on shares of CorMedix in a report on Wednesday, March 26th. Finally, Wall Street Zen raised shares of CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $15.00.

CorMedix Trading Down 2.0%

The business’s fifty day moving average price is $10.44 and its 200 day moving average price is $10.02. The company has a market capitalization of $989.57 million, a P/E ratio of -18.01 and a beta of 1.62.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. The business had revenue of $39.08 million for the quarter, compared to the consensus estimate of $38.90 million. During the same period in the previous year, the business posted ($0.25) earnings per share. Equities research analysts anticipate that CorMedix Inc. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of CorMedix by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company’s stock worth $22,463,000 after acquiring an additional 268,360 shares during the period. Elliott Investment Management L.P. increased its position in shares of CorMedix by 85.1% during the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after purchasing an additional 1,320,109 shares in the last quarter. Geode Capital Management LLC increased its position in shares of CorMedix by 8.4% during the 4th quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company’s stock worth $11,284,000 after purchasing an additional 108,356 shares in the last quarter. Northern Trust Corp increased its position in shares of CorMedix by 14.4% during the 4th quarter. Northern Trust Corp now owns 511,565 shares of the company’s stock worth $4,144,000 after purchasing an additional 64,243 shares in the last quarter. Finally, J. Goldman & Co LP increased its position in shares of CorMedix by 221.1% during the 4th quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock worth $3,704,000 after purchasing an additional 314,880 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

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.