CorMedix (NASDAQ:CRMD) Shares Up 1.7% – Here’s Why

CorMedix Inc (NASDAQ:CRMD) shot up 1.7% during mid-day trading on Monday . The company traded as high as $9.06 and last traded at $8.82. Approximately 1,956,347 shares were traded during trading, an increase of 72% from the average session volume of 1,138,212 shares. The stock had previously closed at $8.67.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CRMD shares. Leerink Partners raised their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Citizens Jmp reiterated a “market outperform” rating and issued a $19.00 price objective on shares of CorMedix in a research report on Tuesday, April 28th. D. Boral Capital reissued a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Monday, April 27th. Needham & Company LLC raised their target price on CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $14.00 price target (up from $13.00) on shares of CorMedix in a research note on Tuesday, April 28th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

CorMedix Trading Up 1.7%

The firm has a market capitalization of $691.93 million, a price-to-earnings ratio of 4.14 and a beta of 1.46. 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 company has a 50 day moving average price of $8.00 and a two-hundred day moving average price of $8.25.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. The firm had revenue of $127.43 million for the quarter, compared to analysts’ expectations of $104.96 million. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. The firm’s revenue for the quarter was up 226.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. On average, research analysts forecast that CorMedix Inc will post 0.53 EPS for the current year.

Institutional Trading of CorMedix

Several institutional investors have recently modified their holdings of CRMD. Russell Investments Group Ltd. increased its stake in shares of CorMedix by 22.2% during the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after purchasing an additional 1,190 shares in the last quarter. Gryphon Financial Partners LLC raised its position in shares of CorMedix by 6.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock worth $186,000 after purchasing an additional 1,618 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CorMedix by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock valued at $222,000 after buying an additional 1,631 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in CorMedix by 6.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock valued at $310,000 after buying an additional 1,707 shares in the last quarter. Finally, Financial Management Professionals Inc. acquired a new stake in CorMedix in the 4th quarter worth about $25,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Company Profile

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.