CorMedix (NASDAQ:CRMD) Stock Price Down 4.2% – Here’s What Happened

Shares of CorMedix Inc. (NASDAQ:CRMD) 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 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

A number of analysts have weighed in on CRMD shares. StockNews.com raised shares of CorMedix to a “sell” rating in a report on Friday, November 8th. Royal Bank of Canada raised their target price on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Truist Financial lifted 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. Needham & Company LLC increased their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, D. Boral Capital started coverage on CorMedix in a research report on Monday. They set a “buy” rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, CorMedix presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

CorMedix Trading Down 4.8 %

The firm’s 50-day simple moving average is $9.75 and its 200 day simple moving average is $7.89. The stock has a market cap of $738.48 million, a P/E ratio of -15.02 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. On average, analysts anticipate that CorMedix Inc. will post -0.46 EPS for the current year.

Insider Activity at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction that occurred on 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 $507,538.46. This trade represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after purchasing an additional 25,677 shares during the period. Commonwealth Equity Services LLC boosted its stake in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after buying an additional 56,963 shares in the last quarter. Rhumbline Advisers grew its holdings in CorMedix by 18.0% during the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after acquiring an additional 11,339 shares during the period. Marshall Wace LLP raised its position in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in 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 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.