CorMedix (NASDAQ:CRMD) Hits New 52-Week Low – Here’s What Happened

CorMedix Inc (NASDAQ:CRMD) shares hit a new 52-week low on Friday. The stock traded as low as $6.04 and last traded at $6.57, with a volume of 828,872 shares trading hands. The stock had previously closed at $7.64.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRMD. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of CorMedix in a research note on Monday, October 19th. Royal Bank Of Canada increased their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Oppenheimer began coverage on CorMedix in a report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Weiss Ratings raised shares of CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

CorMedix Trading Down 20.5%

The firm has a market capitalization of $473.56 million, a P/E ratio of 2.87, a PEG ratio of 1.52 and a beta of 1.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56. The firm has a 50 day simple moving average of $7.85 and a two-hundred day simple moving average of $7.67.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The business had revenue of $101.93 million for the quarter, compared to analysts’ expectations of $96.04 million. Equities research analysts forecast that CorMedix Inc will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of CorMedix in the 2nd quarter worth about $49,644,000. Pacer Advisors Inc. raised its stake in shares of CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock worth $3,942,000 after buying an additional 326,724 shares during the period. Private Advisor Group LLC boosted its stake in CorMedix by 33.3% during the 1st quarter. Private Advisor Group LLC now owns 504,668 shares of the company’s stock worth $3,427,000 after purchasing an additional 126,131 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of CorMedix by 150.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock worth $3,443,000 after acquiring an additional 263,618 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in CorMedix in the second quarter valued at about $3,108,000. 34.18% of the stock is owned by institutional investors.

CorMedix Company Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company’s lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.