CorMedix (NASDAQ:CRMD) Stock Price Up 6.9% - Time to Buy?
CorMedix Inc. (NASDAQ:CRMD) saw its stock price rise by 6.9% to $13.23, with trading volume increasing by 33%. Analysts have mixed ratings, with one hold, six buy, and one strong buy. The average price target is $15.00. The company reported $0.30 EPS, exceeding estimates, and had revenue of $39.08 million. Institutional investors hold 34.18% of the stock. CorMedix focuses on developing therapeutic products for infectious diseases, with its lead product being DefenCath.
CorMedix Inc. (NASDAQ:CRMD - Get Free Report)'s share price traded up 6.9% during mid-day trading on Thursday . The stock traded as high as $13.32 and last traded at $13.23. 1,565,066 shares were traded during trading, an increase of 33% from the average session volume of 1,179,993 shares. The stock had previously closed at $12.38.
Wall Street Analyst Weigh In
CRMD has been the subject of several recent research reports. Wall Street Zen raised CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. D. Boral Capital reaffirmed a "buy" rating and issued a $15.00 price objective on shares of CorMedix in a research note on Tuesday, May 6th. Royal Bank of Canada reissued an "outperform" rating and set a $12.00 target price on shares of CorMedix in a research report on Wednesday, March 26th. Leerink Partnrs raised CorMedix to a "strong-buy" rating in a research report on Friday, March 7th. Finally, Needham & Company LLC increased their price objective on CorMedix from $12.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $15.00.
View Our Latest Stock Report on CorMedix
CorMedix Stock Up 6.5%
The business has a 50-day moving average of $9.52 and a two-hundred day moving average of $9.88. The firm has a market capitalization of $893.93 million, a price-to-earnings ratio of -16.27 and a beta of 1.54.
CorMedix (NASDAQ:CRMD - Get Free Report) last issued 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 during the quarter, compared to the consensus estimate of $38.90 million. During the same period last year, the business earned ($0.25) earnings per share. Equities analysts predict that CorMedix Inc. will post -0.32 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. raised its holdings in shares of CorMedix by 699.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after buying an additional 7,599 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of CorMedix during the fourth quarter valued at $81,000. Essex Financial Services Inc. bought a new stake in shares of CorMedix in the 1st quarter worth about $63,000. EntryPoint Capital LLC acquired a new stake in shares of CorMedix during the 1st quarter worth about $66,000. Finally, Captrust Financial Advisors bought a new position in CorMedix during the 4th quarter valued at about $90,000. Institutional investors own 34.18% of the company's stock.
About CorMedix
(Get Free Report)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.
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