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

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Needham & Company LLC upped 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. StockNews.com upgraded shares of CorMedix to a “sell” rating in a report on Friday, November 8th. Royal Bank of Canada raised their price objective on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Truist Financial upped their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.80.

CorMedix Price Performance

The stock’s 50-day moving average price is $9.60 and its 200 day moving average price is $7.64. The firm has a market capitalization of $678.98 million, a PE ratio of -13.81 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share 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 period last year, the firm earned ($0.17) earnings per share. Equities research analysts forecast that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CorMedix 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 value of $1,565,501.86. Following the completion of the transaction, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. FMR LLC increased its position in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in CorMedix by 13.2% during the 2nd 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. Wealth Enhancement Advisory Services LLC raised its stake in CorMedix by 10.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after buying an additional 4,935 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of CorMedix by 130.3% during the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after acquiring an additional 6,761 shares in the last quarter. Finally, Sigma Planning Corp grew its position in CorMedix by 23.8% during the 3rd quarter. Sigma Planning Corp now owns 39,947 shares of the company’s stock worth $323,000 after purchasing an additional 7,679 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

About CorMedix

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.