CorMedix (NASDAQ:CRMD) Trading Down 4.2% – Should You Sell?

CorMedix Inc. (NASDAQ:CRMD)’s share price fell 4.2% on Friday . The stock traded as low as $12.37 and last traded at $12.25. 1,247,472 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 1,648,167 shares. The stock had previously closed at $12.79.

Analysts Set New Price Targets

CRMD has been the subject of several recent analyst reports. Royal Bank of Canada raised their target price on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Truist Financial boosted their price objective on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC increased their target price on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. D. Boral Capital initiated coverage on shares of CorMedix in a research note on Monday, January 13th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat.com, CorMedix has an average rating of “Moderate Buy” and an average price target of $15.67.

CorMedix Stock Down 4.8 %

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

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 analysts’ consensus estimates 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 last year, the company earned ($0.17) earnings per share. On average, sell-side analysts predict that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its position 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 purchasing an additional 1,625 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in CorMedix during the 4th quarter worth about $81,000. AlphaMark Advisors LLC acquired a new position in shares of CorMedix during the 3rd quarter worth about $97,000. BNP Paribas Financial Markets boosted its position in shares of CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after acquiring an additional 6,761 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings 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 valued at $100,000 after acquiring an additional 2,700 shares during the last quarter. Institutional investors and hedge funds 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.