CorMedix (NASDAQ:CRMD) Trading 2.5% Higher – Here’s Why

CorMedix Inc. (NASDAQ:CRMD)’s stock price shot up 2.5% on Wednesday . The stock traded as high as $11.00 and last traded at $10.56. 589,790 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,551,921 shares. The stock had previously closed at $10.30.

Analysts Set New Price Targets

Several analysts have commented on the stock. Truist Financial lifted their price objective 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. StockNews.com upgraded CorMedix to a “sell” rating in a research note on Friday, November 8th. Needham & Company LLC upped their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Royal Bank of Canada lifted their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CorMedix currently has a consensus rating of “Moderate Buy” and an average target price of $15.80.

CorMedix Trading Up 3.5 %

The stock has a market cap of $678.98 million, a PE ratio of -13.81 and a beta of 1.56. The business has a 50-day moving average price of $9.60 and a 200-day moving average price of $7.64.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the business earned ($0.17) EPS. Equities analysts expect that CorMedix Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction dated 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 completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after buying an additional 169,397 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of CorMedix by 130.7% during the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after acquiring an additional 102,527 shares during the period. Parallax Volatility Advisers L.P. acquired a new position in shares of CorMedix during the 3rd quarter valued at about $648,000. Marshall Wace LLP grew its holdings in shares of CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after purchasing an additional 79,619 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares during the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

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.