Benzinga | Sep 21, 2020 11:22AM EDT

Why Cormedix's Stock Is Trading Higher Today

Cormedix (NYSE:CRMD) shares are trading higher on Monday after Truist Securities initiated coverage on the stock with a Buy rating and a price target of $20 per share.

Cormedix is a biopharmaceutical company that focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. It has in-licensed to develop and commercialize Neutrolin, which is a novel anti-infective solution or the reduction and prevention of catheter-related infections and thrombosis in patients requiring central venous catheters in clinical settings such as dialysis, critical/intensive care, and oncology.

Cormedix shares were trading up 6.7% at $4.92 at the time of publication. The stock has a 52-week high of $8.64 and a 52-week low of $2.16.