CorMedix (NASDAQ:CRMD) Shares Up 6.9% – Time to Buy?

CorMedix Inc. (NASDAQ:CRMD) shares were up 6.9% during mid-day trading on Thursday . The company traded as high as $13.32 and last traded at $13.23. Approximately 1,565,066 shares traded hands during trading, an increase of 33% from the average daily volume of 1,179,993 shares. The stock had previously closed at $12.38.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CRMD shares. Wall Street Zen upgraded CorMedix from a “sell” rating to a “hold” rating in a research report on Tuesday, April 1st. Leerink Partners started coverage on CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 price target for the company. Needham & Company LLC lifted their price target on CorMedix from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. D. Boral Capital reiterated a “buy” rating and set a $15.00 price target on shares of CorMedix in a research report on Tuesday, May 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $12.00 price target on shares of CorMedix in a research report on Wednesday, March 26th. One 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $15.00.

CorMedix Trading Up 6.1%

The company has a market capitalization of $948.19 million, a PE ratio of -17.26 and a beta of 1.62. The stock has a fifty day moving average of $9.93 and a two-hundred day moving average of $9.93.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. The firm had revenue of $39.08 million for the quarter, compared to analysts’ expectations of $38.90 million. During the same period in the prior year, the business posted ($0.25) earnings per share. Equities analysts forecast that CorMedix Inc. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

A number of large investors have recently bought and sold shares of CRMD. Elliott Investment Management L.P. increased its stake in CorMedix by 85.1% in 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 period. Palisades Investment Partners LLC purchased a new position in CorMedix in the 4th quarter worth approximately $2,949,000. J. Goldman & Co LP increased its stake in CorMedix by 221.1% in the 4th quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock worth $3,704,000 after purchasing an additional 314,880 shares during the period. Vanguard Group Inc. increased its stake in CorMedix by 10.1% in the 4th 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 period. Finally, Nuveen LLC purchased a new position in shares of CorMedix during the first quarter valued at approximately $1,692,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

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.