Royal Bank of Canada Reiterates “Outperform” Rating for CorMedix (NASDAQ:CRMD)

Royal Bank of Canada reiterated their outperform rating on shares of CorMedix (NASDAQ:CRMD) in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $12.00 price objective on the stock.

A number of other brokerages have also recently weighed in on CRMD. D. Boral Capital restated a “buy” rating and issued a $15.00 price objective on shares of CorMedix in a report on Tuesday. Leerink Partners started coverage on CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target on the stock. Needham & Company LLC lowered their price objective on CorMedix from $18.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.14.

CorMedix Stock Performance

NASDAQ:CRMD opened at $6.74 on Wednesday. CorMedix has a fifty-two week low of $3.61 and a fifty-two week high of $13.85. The company has a 50 day moving average price of $10.43 and a 200 day moving average price of $9.89. The stock has a market capitalization of $408.96 million, a P/E ratio of -8.32 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million for the quarter, compared to analyst estimates of $27.46 million. The business’s revenue for the quarter was up 29900.0% compared to the same quarter last year. Research analysts forecast that CorMedix will post -0.32 earnings per share for the current fiscal year.

Institutional Trading of CorMedix

Several institutional investors have recently modified their holdings of CRMD. Intech Investment Management LLC acquired a new stake in CorMedix during the 3rd quarter worth $119,000. FMR LLC raised its position in CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after purchasing an additional 1,625 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after purchasing an additional 6,761 shares during the period. Parallax Volatility Advisers L.P. acquired a new stake in CorMedix during the 3rd quarter worth $648,000. Finally, State Street Corp grew its position in CorMedix by 0.8% during the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Hedge funds and other institutional investors 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.