CorMedix (NASDAQ:CRMD) Cut to “Hold” at D. Boral Capital

D. Boral Capital cut shares of CorMedix (NASDAQ:CRMD) from a buy rating to a hold rating in a research report report published on Monday morning, MarketBeat.com reports.

A number of other research analysts have also weighed in on the company. Leerink Partners started coverage on CorMedix in a report on Friday, March 7th. They set an “outperform” rating and a $18.00 target price for the company. Wall Street Zen upgraded CorMedix from a “sell” rating to a “hold” rating in a research report on Tuesday, April 1st. Royal Bank Of Canada raised CorMedix from an “outperform” rating to a “moderate buy” rating and lifted their price objective for the company from $13.00 to $17.00 in a research note on Friday, June 20th. Needham & Company LLC upped their target price on CorMedix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, June 24th. Finally, Leerink Partnrs raised CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $17.14.

CorMedix Trading Down 1.7%

Shares of CRMD stock opened at $11.59 on Monday. The firm’s 50 day moving average is $12.42 and its 200 day moving average is $10.47. The stock has a market capitalization of $786.03 million, a P/E ratio of 52.68 and a beta of 1.58. CorMedix has a 12 month low of $3.61 and a 12 month high of $17.43.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. CorMedix had a net margin of 20.81% and a return on equity of 22.57%. The business had revenue of $39.08 million for the quarter, compared to analysts’ expectations of $38.90 million. During the same quarter in the previous year, the firm posted ($0.25) EPS. On average, equities analysts predict that CorMedix will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

Large investors have recently modified their holdings of the company. Elliott Investment Management L.P. boosted its stake in CorMedix by 85.1% in the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after buying an additional 1,320,109 shares in the last quarter. Palisades Investment Partners LLC bought a new position in shares of CorMedix during the 4th quarter valued at $2,949,000. J. Goldman & Co LP raised its position 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. lifted its stake in CorMedix by 10.1% in the fourth 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 purchased a new stake in CorMedix during the first quarter valued at about $1,692,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

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.