Truist Financial Increases CorMedix (NASDAQ:CRMD) Price Target to $17.00

CorMedix (NASDAQ:CRMD) had its price objective increased by Truist Financial from $12.00 to $17.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently issued reports on CRMD. Rodman & Renshaw initiated coverage on 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 set a $10.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a report on Thursday, August 15th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $13.60.

CorMedix Trading Up 4.6 %

CorMedix stock opened at $13.04 on Tuesday. The firm has a market capitalization of $716.67 million, a price-to-earnings ratio of -14.02 and a beta of 1.61. The firm’s fifty day moving average price is $7.94 and its two-hundred day moving average price is $5.94. CorMedix has a 1-year low of $2.57 and a 1-year high of $13.49.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to the consensus estimate of $0.75 million. During the same period in the previous year, the business posted ($0.25) EPS. On average, research analysts forecast that CorMedix will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of CorMedix by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after purchasing an additional 102,851 shares during the period. Marshall Wace LLP raised its position in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares during the period. Commonwealth Equity Services LLC boosted its stake in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after acquiring an additional 56,963 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of CorMedix during the 2nd quarter valued at approximately $138,000. Finally, Bank of New York Mellon Corp increased its stake in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

About CorMedix

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.