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

CorMedix Inc (NASDAQ:CRMD) gapped down before the market opened on Thursday . The stock had previously closed at $11.17, but opened at $8.73. CorMedix shares last traded at $8.0490, with a volume of 5,682,994 shares.

Analysts Set New Price Targets

CRMD has been the subject of a number of analyst reports. Needham & Company LLC reduced their price objective on shares of CorMedix from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, October 8th. HC Wainwright boosted their price objective on CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. D. Boral Capital reiterated a “buy” rating and set a $14.00 target price on shares of CorMedix in a research report on Thursday, December 18th. Finally, Zacks Research raised CorMedix from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $18.33.

CorMedix Stock Performance

The business’s fifty day moving average is $11.11 and its two-hundred day moving average is $11.71. The stock has a market capitalization of $585.41 million, a PE ratio of 3.64 and a beta of 1.36. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.78. The business had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The business’s revenue was up 810.2% on a year-over-year basis. During the same period last year, the company posted ($0.05) EPS. As a group, research analysts anticipate that CorMedix Inc will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Alan W. Dunton sold 20,000 shares of the stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total value of $260,000.00. Following the sale, the director directly owned 40,250 shares of the company’s stock, valued at $523,250. This represents a 33.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total value of $475,200.00. Following the transaction, the director owned 80,498 shares of the company’s stock, valued at $956,316.24. This trade represents a 33.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 90,000 shares of company stock worth $1,095,200. 3.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently bought and sold shares of CRMD. Deerfield Management Company L.P. purchased a new stake in shares of CorMedix during the third quarter valued at $38,656,000. Marshall Wace LLP boosted its position in CorMedix by 1,019.2% in the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock valued at $31,785,000 after buying an additional 2,349,451 shares during the period. UBS Group AG boosted its position in CorMedix by 295.3% in the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after buying an additional 814,964 shares during the period. Jump Financial LLC bought a new position in CorMedix in the 3rd quarter worth about $9,003,000. Finally, Raymond James Financial Inc. increased its position in shares of CorMedix by 646.8% during the third quarter. Raymond James Financial Inc. now owns 651,987 shares of the company’s stock worth $7,583,000 after acquiring an additional 564,688 shares during the period. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.