CorMedix (NASDAQ:CRMD) Stock Price Down 3.7% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

CorMedix Trading Down 7.2 %

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

CorMedix (NASDAQ:CRMD) last posted 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 company had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. Research analysts predict that CorMedix Inc. will post -0.32 EPS for the current year.

Insider Transactions at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were 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 of the company’s stock, valued at approximately $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in CorMedix by 685.5% in the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after purchasing an additional 169,397 shares in the last quarter. Marshall Wace LLP increased its stake in shares of CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares in the last quarter. State Street Corp lifted its position in shares of CorMedix by 0.8% during the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after acquiring an additional 10,204 shares during the period. The Manufacturers Life Insurance Company boosted its stake in CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after acquiring an additional 2,700 shares in the last quarter. Finally, FMR LLC grew its holdings in CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares during the period. Institutional investors own 34.18% of the company’s stock.

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.