CorMedix (NASDAQ:CRMD) Shares Down 2.6% – What’s Next?

CorMedix Inc. (NASDAQ:CRMD)’s share price traded down 2.6% during mid-day trading on Friday . The stock traded as low as $8.51 and last traded at $8.64. 168,787 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 744,892 shares. The stock had previously closed at $8.87.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CRMD shares. Needham & Company LLC raised their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Truist Financial lifted 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. Royal Bank of Canada raised their price objective on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, Rodman & Renshaw started coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 target price for the company. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat, CorMedix presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.80.

CorMedix Trading Down 3.4 %

The firm’s 50 day simple moving average is $10.35 and its 200-day simple moving average is $7.27. The stock has a market capitalization of $520.00 million, a price-to-earnings ratio of -10.58 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating 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 posted ($0.17) EPS. As a group, equities research analysts predict that CorMedix Inc. will post -0.46 earnings per share for the current year.

Insider Activity

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 directly 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Marshall Wace LLP grew its holdings in CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of CorMedix by 13.2% during the 2nd 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 during the period. Commonwealth Equity Services LLC increased its holdings in shares of CorMedix by 150.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new position in shares of CorMedix during the 3rd quarter worth approximately $648,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in CorMedix by 10.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after purchasing an additional 4,935 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.