CorMedix Inc (NASDAQ:CRMD) Given Consensus Recommendation of “Moderate Buy” by Brokerages

CorMedix Inc (NASDAQ:CRMD) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $15.00.

A number of brokerages have recently commented on CRMD. Needham & Company LLC raised their price target on CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, April 27th. Royal Bank Of Canada reissued an “outperform” rating and set a $14.00 price target (up from $13.00) on shares of CorMedix in a report on Tuesday, April 28th. D. Boral Capital reissued a “buy” rating and set a $14.00 price target on shares of CorMedix in a report on Monday, April 27th. Citizens Jmp reissued a “market outperform” rating and set a $19.00 price target on shares of CorMedix in a report on Tuesday, April 28th. Finally, Zacks Research raised CorMedix from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th.

CorMedix Stock Performance

CRMD stock opened at $8.44 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 2.97. The stock has a market capitalization of $662.12 million, a price-to-earnings ratio of 3.96 and a beta of 1.46. CorMedix has a 1 year low of $6.13 and a 1 year high of $17.43. The stock’s fifty day moving average is $7.42 and its two-hundred day moving average is $8.45.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. The company had revenue of $127.43 million for the quarter, compared to analyst estimates of $104.96 million. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The company’s quarterly revenue was up 226.1% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. On average, research analysts predict that CorMedix will post 0.47 EPS for the current year.

CorMedix declared that its board has initiated a share repurchase program on Monday, February 2nd that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Segall Bryant & Hamill LLC grew its holdings in CorMedix by 107.8% during the first quarter. Segall Bryant & Hamill LLC now owns 126,675 shares of the company’s stock worth $860,000 after acquiring an additional 65,723 shares during the period. Bank of America Corp DE grew its holdings in CorMedix by 10.9% during the first quarter. Bank of America Corp DE now owns 144,835 shares of the company’s stock worth $983,000 after acquiring an additional 14,266 shares during the period. Amundi acquired a new position in CorMedix during the first quarter worth about $132,000. Empowered Funds LLC grew its holdings in CorMedix by 102.1% during the first quarter. Empowered Funds LLC now owns 266,637 shares of the company’s stock worth $1,810,000 after acquiring an additional 134,733 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in CorMedix by 1,006.4% during the first quarter. Quantinno Capital Management LP now owns 124,909 shares of the company’s stock worth $848,000 after acquiring an additional 113,619 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.