CorMedix (NASDAQ:CRMD) Trading Down 6.2% – Should You Sell?

CorMedix Inc (NASDAQ:CRMD)’s share price traded down 6.2% during trading on Monday . The stock traded as low as $7.11 and last traded at $7.1540. 1,100,427 shares changed hands during trading, a decline of 83% from the average session volume of 6,302,057 shares. The stock had previously closed at $7.63.

Wall Street Analysts Forecast Growth

CRMD has been the topic of several recent research reports. HC Wainwright raised their price target on CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. D. Boral Capital reiterated a “buy” rating and set a $14.00 price target on shares of CorMedix in a report on Thursday. Truist Financial set a $16.00 price target on shares of CorMedix in a report on Thursday. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $17.86.

CorMedix Stock Performance

The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39. The firm has a market cap of $563.35 million, a P/E ratio of 3.47 and a beta of 1.36. The business has a fifty day simple moving average of $10.96 and a 200-day simple moving average of $11.57.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.78. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The company had revenue of $104.28 million during the quarter, compared to analyst estimates of $65.63 million. During the same period last year, the business earned ($0.05) EPS. CorMedix’s quarterly revenue was up 810.2% compared to the same quarter last year. On average, sell-side analysts predict that CorMedix Inc will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total value of $475,200.00. Following the completion of the transaction, the director owned 80,498 shares of the company’s stock, valued at $956,316.24. The trade was a 33.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan W. Dunton sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the sale, the director owned 40,250 shares of the company’s stock, valued at approximately $523,250. This represents a 33.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,000 shares of company stock valued at $1,095,200 over the last ninety days. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CorMedix

Several hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP raised its position in CorMedix by 34.6% in the third quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock worth $40,397,000 after acquiring an additional 893,518 shares during the period. Deerfield Management Company L.P. bought a new position in CorMedix in the 3rd quarter worth $38,656,000. Geode Capital Management LLC lifted its position in CorMedix by 11.4% during the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock valued at $19,669,000 after purchasing an additional 163,403 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in CorMedix by 68.4% during the third quarter. Alyeska Investment Group L.P. now owns 1,262,979 shares of the company’s stock valued at $14,688,000 after purchasing an additional 512,979 shares during the period. Finally, UBS Group AG increased its position in CorMedix by 295.3% in the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock worth $12,687,000 after buying an additional 814,964 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

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.