CorMedix (NASDAQ:CRMD) Trading Down 4.9% – Time to Sell?

CorMedix Inc (NASDAQ:CRMD)’s share price dropped 4.9% during mid-day trading on Wednesday . The stock traded as low as $11.80 and last traded at $11.8650. Approximately 1,976,410 shares traded hands during trading, a decline of 16% from the average daily volume of 2,364,577 shares. The stock had previously closed at $12.48.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRMD. D. Boral Capital reaffirmed a “buy” rating and set a $14.00 target price on shares of CorMedix in a research report on Thursday, December 18th. Wall Street Zen lowered CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. D Boral Capital raised CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Zacks Research upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, HC Wainwright lifted their price target on shares of CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $18.33.

CorMedix Trading Down 4.9%

The company has a market cap of $935.32 million, a P/E ratio of 5.75 and a beta of 1.32. The business has a fifty day simple moving average of $11.06 and a 200 day simple moving average of $11.79. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94.

CorMedix (NASDAQ:CRMD) last posted its quarterly 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 business had revenue of $104.28 million for the quarter, compared to analyst estimates of $65.63 million. During the same period in the prior year, the company posted ($0.05) EPS. The business’s revenue was up 810.2% compared to the same quarter last year. Analysts anticipate that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Joseph Todisco sold 30,000 shares of the firm’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $12.00, for a total value of $360,000.00. Following the transaction, the chief executive officer directly owned 509,496 shares in the company, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Myron Kaplan acquired 25,000 shares of the stock in a transaction that occurred on Thursday, October 23rd. The shares were acquired at an average cost of $11.02 per share, with a total value of $275,500.00. Following the transaction, the director owned 201,034 shares in the company, valued at approximately $2,215,394.68. The trade was a 14.20% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of CorMedix

A number of institutional investors and hedge funds have recently made changes to their positions in CRMD. Ameritas Investment Partners Inc. boosted its position in CorMedix by 17.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock valued at $81,000 after purchasing an additional 998 shares during the period. Russell Investments Group Ltd. increased its position in CorMedix by 22.2% in the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after buying an additional 1,190 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in CorMedix by 11.9% in the second quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company’s stock valued at $168,000 after buying an additional 1,451 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of CorMedix by 5.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company’s stock valued at $338,000 after acquiring an additional 1,478 shares during the period. Finally, Palisades Investment Partners LLC boosted its holdings in shares of CorMedix by 0.3% during the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company’s stock valued at $6,561,000 after acquiring an additional 1,579 shares during the period. 34.18% of the stock is currently owned by institutional investors and hedge funds.

CorMedix Company Profile

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.