CorMedix (NASDAQ:CRMD) Trading Up 6.1% – Here’s What Happened

CorMedix Inc. (NASDAQ:CRMD) shot up 6.1% during trading on Thursday . The company 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. StockNews.com upgraded shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Needham & Company LLC lifted their target price on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada upped their price target on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. D. Boral Capital assumed coverage on CorMedix in a research report on Monday, January 13th. They set a “buy” rating and a $15.00 price target for the company. Finally, Truist Financial boosted their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

CorMedix Price Performance

The company’s 50 day simple moving average is $9.76 and its 200 day simple moving average is $7.95. The firm has a market cap of $738.48 million, a price-to-earnings ratio of -15.02 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the business posted ($0.17) earnings per share. As a group, analysts forecast that CorMedix Inc. will post -0.46 earnings per share for the current year.

Insider Transactions at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the transaction, the executive vice president now owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of CorMedix

A number of institutional investors have recently bought and sold shares of CRMD. Janney Montgomery Scott LLC acquired a new stake in shares of CorMedix during the 4th quarter worth about $81,000. SG Americas Securities LLC increased its stake in CorMedix by 44.5% in the fourth quarter. SG Americas Securities LLC now owns 27,205 shares of the company’s stock valued at $220,000 after purchasing an additional 8,372 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in 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 purchasing an additional 169,397 shares in the last quarter. Geode Capital Management LLC raised its holdings in CorMedix by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after purchasing an additional 13,171 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of CorMedix by 130.7% during the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after buying an additional 102,527 shares during the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

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.