CorMedix (NASDAQ:CRMD) Shares Down 3.7% – What’s Next?

CorMedix Inc. (NASDAQ:CRMD)’s stock price was down 3.7% on Wednesday . The company traded as low as $12.13 and last traded at $11.71. Approximately 64,032 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,444,217 shares. The stock had previously closed at $12.16.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRMD. D. Boral Capital restated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a report on Wednesday, January 22nd. Royal Bank of Canada boosted their price target on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Needham & Company LLC lifted their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Truist Financial increased their price target on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to data from MarketBeat.com, CorMedix has a consensus rating of “Moderate Buy” and an average target price of $15.67.

CorMedix Trading Down 7.2 %

The company has a 50 day simple moving average of $9.92 and a 200 day simple moving average of $8.39. The stock has a market cap of $685.08 million, a P/E ratio of -13.96 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period in the prior year, the firm earned ($0.17) EPS. As a group, sell-side analysts expect that CorMedix Inc. will post -0.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the sale, the executive vice president now owns 45,397 shares in the company, valued at $507,538.46. This represents a 75.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On CorMedix

A number of institutional investors have recently added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. acquired a new position in CorMedix during the fourth quarter worth approximately $1,021,000. China Universal Asset Management Co. Ltd. bought a new position in shares of CorMedix during the 4th quarter worth approximately $104,000. AlphaMark Advisors LLC increased its holdings in shares of CorMedix by 16.7% during the 4th quarter. AlphaMark Advisors LLC now owns 14,000 shares of the company’s stock worth $113,000 after acquiring an additional 2,000 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in CorMedix in the 4th quarter valued at $81,000. Finally, SG Americas Securities LLC lifted its holdings in CorMedix by 44.5% during the 4th quarter. SG Americas Securities LLC now owns 27,205 shares of the company’s stock valued at $220,000 after purchasing an additional 8,372 shares during the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

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.