CorMedix (NASDAQ:CRMD) Given New $12.00 Price Target at Truist Financial

CorMedix (NASDAQ:CRMD) had its price objective trimmed by Truist Financial from $14.00 to $12.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on CRMD. JMP Securities reissued a market outperform rating and issued a $19.00 target price on shares of CorMedix in a research report on Tuesday, April 9th. Needham & Company LLC reissued a buy rating and issued a $10.00 target price on shares of CorMedix in a research report on Wednesday, June 19th.

CorMedix Stock Performance

NASDAQ:CRMD opened at $4.54 on Thursday. The stock has a 50-day simple moving average of $4.74 and a 200-day simple moving average of $4.35. The stock has a market cap of $249.52 million, a P/E ratio of -4.88 and a beta of 1.60. CorMedix has a 1 year low of $2.57 and a 1 year high of $7.00.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Thursday, May 9th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. On average, equities research analysts predict that CorMedix will post -0.84 EPS for the current year.

Institutional Trading of CorMedix

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in 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 acquiring an additional 102,851 shares during the period. Bank of New York Mellon Corp raised 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 buying an additional 25,677 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in CorMedix by 3.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 138,008 shares of the company’s stock valued at $519,000 after purchasing an additional 4,195 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in CorMedix by 14.5% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 81,834 shares of the company’s stock valued at $308,000 after purchasing an additional 10,362 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in CorMedix in the 4th quarter valued at approximately $266,000. 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.