CorMedix (NASDAQ:CRMD) Shares Gap Up – Still a Buy?

CorMedix Inc. (NASDAQ:CRMD)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $7.93, but opened at $10.13. CorMedix shares last traded at $9.62, with a volume of 1,618,702 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRMD. Truist Financial upped their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada increased their price target 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. StockNews.com raised CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC increased their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.80.

CorMedix Price Performance

The firm has a market cap of $655.92 million, a P/E ratio of -13.35 and a beta of 1.56. The firm’s 50 day moving average is $9.58 and its 200 day moving average is $7.62.

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

Insider Activity

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the firm’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 completion of the sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. This trade represents a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of CorMedix

Several institutional investors have recently added to or reduced their stakes in CRMD. FMR LLC lifted its holdings in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after purchasing an additional 1,625 shares in the last quarter. Principal Financial Group Inc. purchased a new position in CorMedix in the 2nd quarter worth about $44,000. AlphaMark Advisors LLC bought a new position in CorMedix during the 3rd quarter valued at about $97,000. BNP Paribas Financial Markets boosted its holdings 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 valued at $97,000 after acquiring an additional 6,761 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake 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 worth $100,000 after acquiring an additional 2,700 shares during the period. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.