CorMedix (NASDAQ:CRMD) Stock Price Down 5.9% – What’s Next?

CorMedix Inc (NASDAQ:CRMD) dropped 5.9% during trading on Tuesday . The stock traded as low as $11.51 and last traded at $11.4660. Approximately 1,796,220 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 2,005,102 shares. The stock had previously closed at $12.19.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRMD. HC Wainwright increased their price objective on shares of CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, October 8th. Royal Bank Of Canada reiterated an “outperform” rating and set a $22.00 price objective (up from $21.00) on shares of CorMedix in a research note on Tuesday, October 21st. Truist Financial set a $16.00 price objective on CorMedix in a research note on Thursday. Finally, Zacks Research upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Three equities research 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $18.00.

CorMedix Stock Performance

The stock has a market cap of $591.71 million, a price-to-earnings ratio of 3.65 and a beta of 1.36. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.94 and a quick ratio of 1.73. The firm has a fifty day moving average of $11.03 and a 200 day moving average of $11.68.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.78. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The company had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same period in the prior year, the business earned ($0.05) EPS. The firm’s quarterly revenue was up 810.2% on a year-over-year basis. As a group, sell-side analysts forecast that CorMedix Inc will post -0.32 EPS for the current year.

Insider Activity

In other CorMedix news, Director Alan W. Dunton sold 20,000 shares of CorMedix stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the transaction, the director directly owned 40,250 shares of the company’s stock, valued at $523,250. The trade was a 33.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $12.00, for a total transaction of $360,000.00. Following the completion of the sale, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 90,000 shares of company stock valued at $1,095,200 over the last three months. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in CorMedix by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock valued at $222,000 after purchasing an additional 1,631 shares during the period. Rhumbline Advisers increased its position in shares of CorMedix by 7.7% during the 1st quarter. Rhumbline Advisers now owns 81,565 shares of the company’s stock worth $502,000 after purchasing an additional 5,818 shares during the last quarter. Swedbank AB purchased a new stake in CorMedix in the 1st quarter valued at about $1,540,000. Wealth Enhancement Advisory Services LLC lifted its position in CorMedix by 5.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company’s stock valued at $338,000 after buying an additional 1,478 shares during the last quarter. Finally, ARS Wealth Advisors Group LLC acquired a new position in CorMedix in the second quarter valued at about $123,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

About CorMedix

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.