CorMedix Inc. (NASDAQ:CRMD) Given Consensus Recommendation of “Buy” by Analysts

CorMedix Inc. (NASDAQ:CRMD) has received an average recommendation of “Buy” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have covered the stock in the last year is $15.67.

Several equities research analysts have recently weighed in on CRMD shares. Truist Financial boosted their target price on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. D. Boral Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of CorMedix in a research report on Wednesday, January 22nd. Royal Bank of Canada boosted their price objective on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC boosted their price objective on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st.

CorMedix Stock Performance

CRMD opened at $10.48 on Monday. The company has a 50-day moving average of $10.04 and a 200-day moving average of $8.91. The company has a market capitalization of $635.93 million, a P/E ratio of -12.94 and a beta of 1.57. CorMedix has a 1-year low of $3.03 and a 1-year high of $13.85.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRMD. Vanguard Group Inc. boosted its stake in CorMedix by 10.1% during the 4th quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock valued at $27,363,000 after purchasing an additional 309,514 shares during the period. JPMorgan Chase & Co. boosted its stake in CorMedix by 685.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after purchasing an additional 169,397 shares during the period. New York State Common Retirement Fund boosted its stake in CorMedix by 1,398.2% during the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock valued at $1,355,000 after purchasing an additional 156,086 shares during the period. Renaissance Technologies LLC acquired a new position in CorMedix during the 4th quarter valued at about $1,085,000. Finally, Wingate Wealth Advisors Inc. acquired a new position in CorMedix during the 4th quarter valued at about $1,021,000. 34.18% of the stock is owned by institutional investors and hedge funds.

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.