CorMedix (NASDAQ:CRMD) Stock Price Up 6.1% – Here’s Why

CorMedix Inc. (NASDAQ:CRMDGet Free Report)’s stock price traded up 6.1% during trading on Thursday . The stock traded as high as $12.69 and last traded at $12.63. 1,052,446 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 1,617,694 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

CRMD has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price target on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Needham & Company LLC raised their target price on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Truist Financial lifted their price target on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. StockNews.com upgraded CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, D. Boral Capital initiated coverage on CorMedix in a research report on Monday. They issued a “buy” rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.67.

Check Out Our Latest Analysis on CorMedix

CorMedix Price Performance

The stock has a market capitalization of $776.10 million, a P/E ratio of -15.79 and a beta of 1.56. The firm has a 50-day simple moving average of $9.70 and a 200 day simple moving average of $7.86.

CorMedix (NASDAQ:CRMDGet Free Report) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million for 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. Sell-side analysts anticipate that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the sale, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. This represents a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.20% 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 CRMD. JPMorgan Chase & Co. increased its position in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after buying an additional 169,397 shares during the period. Wellington Management Group LLP boosted its position in CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after acquiring an additional 102,527 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new stake in CorMedix during the 3rd quarter worth about $648,000. Marshall Wace LLP grew its holdings in CorMedix by 109.6% during the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares during the period. Finally, Commonwealth Equity Services LLC raised its position in shares of CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

About CorMedix

(Get Free Report)

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.

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