CorMedix (NASDAQ:CRMD) Sets New 12-Month High – What’s Next?

CorMedix Inc (NASDAQ:CRMD) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.43 and last traded at $16.56, with a volume of 7085590 shares. The stock had previously closed at $13.61.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. D. Boral Capital reiterated a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research note on Monday. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Royal Bank Of Canada upgraded shares of CorMedix from an “outperform” rating to a “moderate buy” rating and increased their target price for the stock from $13.00 to $17.00 in a research note on Friday. Wall Street Zen upgraded shares of CorMedix from a “sell” rating to a “hold” rating in a research note on Tuesday, April 1st. Finally, Leerink Partners began 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. One equities 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $15.83.

CorMedix Trading Up 21.7%

The stock’s fifty day moving average price is $11.65 and its 200 day moving average price is $10.28. The stock has a market cap of $1.12 billion, a P/E ratio of 75.28 and a beta of 1.62.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. The firm had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. CorMedix had a net margin of 20.81% and a return on equity of 22.57%. During the same quarter in the prior year, the firm earned ($0.25) EPS. On average, analysts anticipate that CorMedix Inc will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On CorMedix

Several institutional investors and hedge funds have recently made changes to their positions in CRMD. Rhumbline Advisers grew its holdings in shares of CorMedix by 8.6% during the 4th quarter. Rhumbline Advisers now owns 75,747 shares of the company’s stock valued at $614,000 after purchasing an additional 6,028 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of CorMedix by 1,398.2% during the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock valued at $1,355,000 after purchasing an additional 156,086 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CorMedix by 8.2% during the 4th quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company’s stock valued at $1,051,000 after purchasing an additional 9,782 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of CorMedix by 2.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 149,834 shares of the company’s stock valued at $1,214,000 after purchasing an additional 3,221 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of CorMedix by 11.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 174,418 shares of the company’s stock valued at $1,413,000 after purchasing an additional 17,869 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

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.