CorMedix (NASDAQ:CRMD) Shares Down 4.6% – Here’s Why

CorMedix Inc. (NASDAQ:CRMD) shares dropped 4.6% on Thursday . The company traded as low as $9.09 and last traded at $9.09. Approximately 57,548 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 739,429 shares. The stock had previously closed at $9.53.

Analysts Set New Price Targets

Several brokerages have issued reports on CRMD. Needham & Company LLC lifted their target price 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. Rodman & Renshaw started coverage on shares of CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Finally, Truist Financial lifted their price target on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. 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 MarketBeat, CorMedix presently has an average rating of “Moderate Buy” and a consensus target price of $15.20.

CorMedix Trading Down 4.4 %

The company has a market cap of $508.50 million, a P/E ratio of -10.35 and a beta of 1.54. The company’s fifty day moving average is $10.48 and its 200 day moving average is $7.12.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the prior year, the firm posted ($0.17) EPS. Analysts anticipate that CorMedix Inc. will post -0.46 EPS for the current year.

Insider Activity

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’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 transaction, the executive vice president now directly owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.20% of the company’s stock.

Institutional Trading of CorMedix

Several large investors have recently bought and sold shares of CRMD. Price T Rowe Associates Inc. MD boosted its stake in CorMedix by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after acquiring an additional 2,562 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of CorMedix by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after purchasing an additional 2,700 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in CorMedix by 150.7% in the 2nd 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 in the last quarter. Finally, Parallax Volatility Advisers L.P. purchased a new stake in CorMedix during the 3rd quarter valued at about $648,000. 34.18% of the stock is owned by 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.