CorMedix (NASDAQ:CRMD) Coverage Initiated at Rodman & Renshaw

Rodman & Renshaw started coverage on shares of CorMedix (NASDAQ:CRMD) in a research note published on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $13.00 price objective on the stock.

Other equities research analysts have also issued reports about the stock. Truist Financial decreased their price target on shares of CorMedix from $14.00 to $12.00 and set a buy rating on the stock in a report on Thursday, July 25th. Needham & Company LLC reaffirmed a buy rating and set a $10.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of Buy and an average price target of $12.60.

CorMedix Stock Performance

Shares of CRMD stock opened at $6.02 on Monday. CorMedix has a fifty-two week low of $2.57 and a fifty-two week high of $7.00. The stock’s fifty day moving average price is $4.60 and its two-hundred day moving average price is $4.59. The company has a market cap of $330.85 million, a PE ratio of -6.47 and a beta of 1.60.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.01. The business had revenue of $0.81 million for the quarter, compared to the consensus estimate of $0.75 million. During the same quarter in the prior year, the company earned ($0.25) earnings per share. On average, equities analysts predict that CorMedix will post -0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On CorMedix

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its holdings in CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after purchasing an additional 2,700 shares during the period. Marshall Wace LLP increased its stake in shares of CorMedix by 109.6% in 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. Rhumbline Advisers raised its position in shares of CorMedix by 18.0% during the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after acquiring an additional 11,339 shares during the last quarter. Commonwealth Equity Services LLC raised its position 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 worth $410,000 after acquiring an additional 56,963 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of CorMedix in the second quarter worth approximately $44,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

About CorMedix

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.