CorMedix (NASDAQ:CRMD) Shares Gap Up – What’s Next?

CorMedix Inc. (NASDAQ:CRMD) 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 trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRMD. Truist Financial lifted their price target on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada lifted 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. Needham & Company LLC boosted their price objective on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.80.

CorMedix Stock Up 23.2 %

The business has a fifty day simple moving average of $9.62 and a two-hundred day simple moving average of $7.55. The company has a market cap of $592.81 million, a P/E ratio of -12.06 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period last year, the business earned ($0.17) EPS. On average, equities analysts predict that CorMedix Inc. will post -0.46 EPS for the current fiscal year.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction that occurred on Thursday, November 14th. The stock was 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 owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. This trade represents a 75.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of CorMedix

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after buying an additional 1,625 shares in the last quarter. Principal Financial Group Inc. purchased a new position in CorMedix during the 2nd quarter valued at approximately $44,000. AlphaMark Advisors LLC purchased a new position in CorMedix during the 3rd quarter valued at approximately $97,000. BNP Paribas Financial Markets grew its holdings in 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 buying an additional 6,761 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

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.