CorMedix (NASDAQ:CRMD) Shares Down 4.2% – Here’s What Happened

Shares of CorMedix Inc. (NASDAQ:CRMD) were down 4.2% on Friday . The stock traded as low as $12.37 and last traded at $12.25. Approximately 1,247,472 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 1,648,167 shares. The stock had previously closed at $12.79.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CRMD shares. StockNews.com upgraded shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Needham & Company LLC raised their price objective on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Royal Bank of Canada upped their target price on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Truist Financial raised their price target on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, D. Boral Capital began coverage on CorMedix in a research note on Monday, January 13th. They set a “buy” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.67.

CorMedix Price Performance

The firm has a market capitalization of $738.48 million, a price-to-earnings ratio of -15.02 and a beta of 1.56. The business’s 50 day moving average price is $9.76 and its 200-day moving average price is $7.98.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to analyst estimates of $11.00 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. As a group, analysts expect that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’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 sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRMD. FMR LLC boosted its stake in shares of CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after acquiring an additional 1,625 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in CorMedix during the fourth quarter worth $81,000. AlphaMark Advisors LLC purchased a new stake in CorMedix during the third quarter worth $97,000. BNP Paribas Financial Markets grew its holdings in CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after purchasing an additional 6,761 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares in the last quarter. 34.18% of the stock is 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.