CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume – Still a Buy?

CorMedix Inc. (NASDAQ:CRMD) saw strong trading volume on Thursday . 1,180,118 shares changed hands during mid-day trading, an increase of 81% from the previous session’s volume of 652,270 shares.The stock last traded at $12.10 and had previously closed at $12.35.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRMD. Royal Bank of Canada reissued an “outperform” rating and set a $9.00 price target on shares of CorMedix in a research report on Thursday, August 15th. Rodman & Renshaw began coverage on shares of CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Finally, Truist Financial increased their price target on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, CorMedix has a consensus rating of “Buy” and a consensus target price of $13.60.

CorMedix Price Performance

The business has a 50 day simple moving average of $7.62 and a 200 day simple moving average of $5.84. The company has a market capitalization of $672.70 million, a price-to-earnings ratio of -12.52 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The firm had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $0.75 million. During the same quarter last year, the business earned ($0.25) earnings per share. On average, equities research analysts predict that CorMedix Inc. will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. purchased a new position in CorMedix in the 2nd quarter valued at approximately $44,000. AlphaMark Advisors LLC purchased a new position in CorMedix in the third quarter valued at $97,000. Tidal Investments LLC acquired a new position in CorMedix during the 1st quarter worth $60,000. Price T Rowe Associates Inc. MD increased its holdings in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after purchasing an additional 2,562 shares during the period. Finally, Creative Planning acquired a new stake in CorMedix in the 3rd quarter valued at about $129,000. 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.