CorMedix (NASDAQ:CRMD) Hits New 12-Month High – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s share price reached a new 52-week high on Thursday . The stock traded as high as $15.38 and last traded at $14.59, with a volume of 1953233 shares traded. The stock had previously closed at $14.89.

Analyst Ratings Changes

CRMD has been the topic of several analyst reports. D. Boral Capital reissued a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research report on Tuesday, May 6th. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. Needham & Company LLC upped their price objective on shares of CorMedix from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen upgraded shares of CorMedix from a “sell” rating to a “hold” rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $15.00.

CorMedix Stock Performance

The stock has a market cap of $989.57 million, a price-to-earnings ratio of -18.01 and a beta of 1.62. The company’s 50 day simple moving average is $10.44 and its two-hundred day simple moving average is $10.02.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. The business had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. During the same quarter last year, the company earned ($0.25) EPS. On average, equities research analysts predict that CorMedix Inc. will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRMD. Elliott Investment Management L.P. increased its stake in shares of 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. Palisades Investment Partners LLC acquired a new position in shares of CorMedix during the 4th quarter worth $2,949,000. J. Goldman & Co LP increased its stake in shares of CorMedix by 221.1% during 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 last quarter. Vanguard Group Inc. increased its stake in shares of CorMedix by 10.1% during 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 last quarter. Finally, Nuveen LLC bought a new stake in shares of CorMedix during the 1st quarter worth $1,692,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.