CorMedix (NASDAQ:CRMD) Shares Down 2.6% – Here’s What Happened

CorMedix Inc. (NASDAQ:CRMD)’s share price traded down 2.6% during mid-day trading on Friday . The company traded as low as $8.51 and last traded at $8.64. 168,787 shares changed 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.

Analysts Set New Price Targets

A number of analysts have weighed in on CRMD shares. Rodman & Renshaw began coverage on shares of CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Needham & Company LLC raised their price target on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Royal Bank of Canada boosted 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. Truist Financial lifted their target price on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and an average target price of $15.80.

CorMedix Stock Performance

The firm has a market cap of $540.63 million, a P/E ratio of -11.00 and a beta of 1.54. The business’s 50-day simple moving average is $10.38 and its 200 day simple moving average is $7.23.

CorMedix (NASDAQ:CRMD) last released its quarterly 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 firm had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. As a group, equities research analysts expect that CorMedix Inc. will post -0.46 EPS for the current year.

Insider Transactions at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix 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 transaction, the executive vice president now owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Several large investors have recently made changes to their positions in CRMD. Geode Capital Management LLC raised its stake in CorMedix by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after purchasing an additional 13,171 shares during the period. State Street Corp increased its position in CorMedix by 0.8% in the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Wellington Management Group LLP raised its stake in CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of CorMedix by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after buying an additional 25,677 shares in the last quarter. Finally, Marshall Wace LLP grew 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 worth $659,000 after buying an additional 79,619 shares in the last quarter. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.