CorMedix (NASDAQ:CRMD) Shares Gap Up on Better-Than-Expected Earnings

Shares of CorMedix Inc. (NASDAQ:CRMD) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.03, but opened at $9.59. CorMedix shares last traded at $10.36, with a volume of 716,204 shares trading hands.

The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.05. The company had revenue of $39.08 million during the quarter, compared to analyst estimates of $38.90 million. During the same quarter in the previous year, the business posted ($0.25) EPS.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Leerink Partners started coverage on CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target for the company. D. Boral Capital reissued a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research note on Tuesday. StockNews.com upgraded shares of CorMedix from a “sell” rating to a “hold” rating in a research report on Tuesday, April 1st. Needham & Company LLC increased their price objective on shares of CorMedix from $12.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $12.00 target price on shares of CorMedix in a report on Wednesday, March 26th. One investment 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 stock. According to MarketBeat, CorMedix has a consensus rating of “Buy” and an average price target of $15.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in CorMedix by 10.1% during the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after purchasing an additional 309,514 shares during the last quarter. Elliott Investment Management L.P. lifted its holdings in 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 during the last quarter. Geode Capital Management LLC grew its holdings in CorMedix by 8.4% in the 4th 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 increased its position in 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 buying an additional 64,243 shares during the period. Finally, J. Goldman & Co LP lifted its holdings in shares of CorMedix by 221.1% during the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock worth $3,704,000 after buying an additional 314,880 shares in the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Price Performance

The company has a market cap of $788.97 million, a P/E ratio of -14.36 and a beta of 1.54. The stock’s 50-day moving average price is $8.64 and its 200-day moving average price is $9.77.

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.