CorMedix (NASDAQ:CRMD) Upgraded at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of CorMedix (NASDAQ:CRMD) from an outperform rating to a moderate buy rating in a report published on Friday, MarketBeat reports. Royal Bank Of Canada currently has $17.00 price objective on the stock, up from their prior price objective of $13.00.

Several other brokerages also recently commented on CRMD. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. D. Boral Capital restated a “buy” rating and set a $15.00 target price on shares of CorMedix in a report on Tuesday, May 6th. Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They set an “outperform” rating and a $18.00 target price on the stock. Wall Street Zen upgraded shares of CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st. Finally, Needham & Company LLC raised their price target on shares of CorMedix from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, CorMedix presently has an average rating of “Buy” and a consensus price target of $15.83.

CorMedix Stock Performance

Shares of CRMD stock opened at $13.61 on Friday. The company has a market capitalization of $923.03 million, a P/E ratio of 61.87 and a beta of 1.62. The company’s 50 day moving average price is $11.46 and its two-hundred day moving average price is $10.23. CorMedix has a 52 week low of $3.61 and a 52 week high of $15.38.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. The firm had revenue of $39.08 million for the quarter, compared to the consensus estimate of $38.90 million. CorMedix had a net margin of 20.81% and a return on equity of 22.57%. During the same period last year, the company posted ($0.25) EPS. Analysts forecast that CorMedix will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake 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 in the last quarter. Elliott Investment Management L.P. grew its stake in shares of CorMedix by 85.1% in the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock valued at $23,252,000 after buying an additional 1,320,109 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of CorMedix by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company’s stock valued at $11,284,000 after buying an additional 108,356 shares in the last quarter. Northern Trust Corp grew its stake in shares of CorMedix by 14.4% in the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company’s stock valued at $4,144,000 after buying an additional 64,243 shares in the last quarter. Finally, J. Goldman & Co LP grew its stake in shares of CorMedix by 221.1% in the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock valued at $3,704,000 after buying an additional 314,880 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.