CorMedix (NASDAQ:CRMD) Trading Up 6% – Here’s What Happened

CorMedix Inc (NASDAQ:CRMD)’s share price rose 6% during mid-day trading on Monday . The company traded as high as $7.74 and last traded at $7.7050. Approximately 1,854,507 shares traded hands during trading, a decline of 59% from the average daily volume of 4,559,631 shares. The stock had previously closed at $7.27.

Analyst Upgrades and Downgrades

CRMD has been the subject of several research analyst reports. Zacks Research downgraded shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. HC Wainwright decreased their target price on CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Friday. Wall Street Zen downgraded CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, January 21st. Finally, Truist Financial set a $16.00 price objective on CorMedix in a report on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $15.86.

CorMedix Stock Up 6.7%

The stock has a 50-day moving average of $10.10 and a 200 day moving average of $11.19. The company has a market capitalization of $611.40 million, a PE ratio of 3.77 and a beta of 1.36. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.78. The firm had revenue of $104.28 million during the quarter, compared to the consensus estimate of $65.63 million. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The business’s revenue for the quarter was up 810.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. Sell-side analysts anticipate that CorMedix Inc will post -0.32 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On CorMedix

Several institutional investors and hedge funds have recently bought and sold shares of the company. Phocas Financial Corp. purchased a new stake in CorMedix in the fourth quarter worth $1,990,000. State of Alaska Department of Revenue grew its stake in shares of CorMedix by 951.5% during the 4th quarter. State of Alaska Department of Revenue now owns 49,358 shares of the company’s stock worth $573,000 after acquiring an additional 44,664 shares during the period. Palisades Investment Partners LLC grew its stake in shares of CorMedix by 2.2% during the 4th quarter. Palisades Investment Partners LLC now owns 576,759 shares of the company’s stock worth $6,708,000 after acquiring an additional 12,653 shares during the period. Allspring Global Investments Holdings LLC raised its stake in CorMedix by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 30,245 shares of the company’s stock valued at $368,000 after acquiring an additional 2,646 shares during the period. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in CorMedix in the 4th quarter valued at about $1,604,000. 34.18% of the stock is owned by institutional investors.

About CorMedix

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.