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

CorMedix Inc. (NASDAQ:CRMD)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $10.77, but opened at $8.69. CorMedix shares last traded at $8.75, with a volume of 6,835,180 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CRMD shares. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. Leerink Partners started coverage on shares of CorMedix in a report on Friday, March 7th. They set an “outperform” rating and a $18.00 price target for the company. D. Boral Capital reiterated a “buy” rating and set a $15.00 target price on shares of CorMedix in a research report on Tuesday. Needham & Company LLC reduced their price target on CorMedix from $18.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price objective on shares of CorMedix in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.14.

CorMedix Price Performance

The firm has a 50-day simple moving average of $10.66 and a two-hundred day simple moving average of $9.90. The company has a market cap of $407.14 million, a PE ratio of -8.28 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million during the quarter, compared to analyst estimates of $27.46 million. The company’s quarterly revenue was up 29900.0% compared to the same quarter last year. Equities research analysts forecast that CorMedix Inc. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in CorMedix by 54.3% in 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 during the last quarter. Janney Montgomery Scott LLC acquired a new stake in CorMedix during the 4th quarter valued at approximately $81,000. Captrust Financial Advisors purchased a new stake in CorMedix during the 4th quarter worth approximately $90,000. Aigen Investment Management LP acquired a new position in shares of CorMedix in the 4th quarter valued at approximately $94,000. Finally, XTX Topco Ltd purchased a new position in shares of CorMedix during the 4th quarter valued at approximately $95,000. Hedge funds and other 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.