CorMedix (NASDAQ:CRMD) Shares Gap Down – Time to Sell?

CorMedix Inc. (NASDAQ:CRMD) gapped down prior to trading on Tuesday . The stock had previously closed at $10.77, but opened at $8.69. CorMedix shares last traded at $8.75, with a volume of 6,835,180 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRMD. D. Boral Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a report on Tuesday. Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. Royal Bank of Canada boosted their target price on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Finally, Leerink Partners began coverage on shares of CorMedix in a research note on Friday, March 7th. They issued an “outperform” rating and a $18.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong 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 $16.00.

CorMedix Trading Down 31.8 %

The company’s fifty day moving average is $10.84 and its 200-day moving average is $9.91. The firm has a market capitalization of $445.37 million, a P/E ratio of -9.06 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $27.46 million. The business’s revenue for the quarter was up 29900.0% compared to the same quarter last year. On average, equities research analysts anticipate that CorMedix Inc. will post -0.32 EPS for the current year.

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Palisades Investment Partners LLC bought a new stake in shares of CorMedix in the fourth quarter valued at approximately $2,949,000. Two Sigma Investments LP raised its stake in CorMedix by 19.7% during the 4th quarter. Two Sigma Investments LP now owns 31,489 shares of the company’s stock valued at $255,000 after purchasing an additional 5,189 shares during the last quarter. Rafferty Asset Management LLC bought a new stake in CorMedix in the 4th quarter valued at $120,000. ProShare Advisors LLC raised its position in shares of CorMedix by 92.2% during the fourth quarter. ProShare Advisors LLC now owns 19,947 shares of the company’s stock valued at $162,000 after buying an additional 9,568 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of CorMedix by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock valued at $1,393,000 after buying an additional 1,679 shares during the period. Institutional investors and hedge funds 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.