By otakuyassine3@gmail.com 
CorMedix Inc. (NASDAQ:CRMD – Get Free Report)’s stock price rose 5.9% during mid-day trading on Thursday after Royal Bank of Canada raised their price target on the stock from $11.00 to $12.00. Royal Bank of Canada currently has an outperform rating on the stock. CorMedix traded as high as $8.75 and last traded at $8.60. Approximately 128,102 shares traded hands during trading, a decline of 83% from the average daily volume of 742,735 shares. The stock had previously closed at $8.12.
Several other equities analysts have also recently weighed in on CRMD. Needham & Company LLC raised their price target on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw began coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Truist Financial boosted their target price on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, StockNews.com raised shares of CorMedix to a “sell” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, CorMedix currently has a consensus rating of “Moderate Buy” and an average target price of $15.80.
Check Out Our Latest Stock Analysis on CorMedix
Insider Activity at CorMedix
In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the transaction, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. This represents a 75.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.20% of the stock is currently owned by insiders.
Institutional Trading of CorMedix
A number of large investors have recently made changes to their positions in CRMD. Wellington Management Group LLP grew its stake in CorMedix by 130.7% in the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares in the last quarter. Parallax Volatility Advisers L.P. bought a new position in shares of CorMedix during the 3rd quarter worth $648,000. Marshall Wace LLP increased its stake in shares of CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after buying an additional 79,619 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after buying an additional 56,963 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of CorMedix in the second quarter valued at about $138,000. 34.18% of the stock is owned by hedge funds and other institutional investors.
CorMedix Stock Up 8.3 %
The stock’s 50 day moving average is $10.40 and its two-hundred day moving average is $7.22. The company has a market capitalization of $533.35 million, a PE ratio of -10.85 and a beta of 1.54.
CorMedix (NASDAQ:CRMD – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the prior year, the business posted ($0.17) earnings per share. On average, sell-side analysts predict that CorMedix Inc. will post -0.46 EPS for the current fiscal year.
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.
Further Reading
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