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

CorMedix Inc (NASDAQ:CRMD)’s share price gapped up before the market opened on Monday . The stock had previously closed at $7.76, but opened at $8.09. CorMedix shares last traded at $8.37, with a volume of 1,012,068 shares trading hands.

Analyst Ratings Changes

A number of brokerages have issued reports on CRMD. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. HC Wainwright decreased their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, January 23rd. Zacks Research cut CorMedix from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Truist Financial set a $16.00 price target on CorMedix in a research note on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $15.86.

CorMedix Stock Performance

The business’s 50 day simple moving average is $9.84 and its two-hundred day simple moving average is $11.03. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $617.71 million, a P/E ratio of 5.93 and a beta of 1.39.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, beating the consensus estimate of $0.48 by $0.78. The business had revenue of $104.28 million for 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 company’s revenue was up 810.2% compared to the same quarter last year. During the same period last year, the business posted ($0.05) EPS. Sell-side analysts anticipate that CorMedix Inc will post -0.32 EPS for the current fiscal year.

CorMedix announced that its Board of Directors has approved a stock buyback program on Monday, February 2nd that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at CorMedix

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total value of $475,200.00. Following the transaction, the director directly owned 80,498 shares of the company’s stock, valued at approximately $956,316.24. This trade represents a 33.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan W. Dunton sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total value of $260,000.00. Following the completion of the transaction, the director directly owned 40,250 shares in the company, valued at $523,250. This trade represents a 33.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 90,000 shares of company stock worth $1,095,200 in the last quarter. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently modified their holdings of the company. Deerfield Management Company L.P. purchased a new stake in shares of CorMedix in the third quarter worth $38,656,000. Marshall Wace LLP boosted its holdings in CorMedix by 1,019.2% in the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after buying an additional 2,349,451 shares during the period. UBS Group AG boosted its holdings in CorMedix by 295.3% in the 3rd 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 during the period. Jump Financial LLC purchased a new stake in CorMedix in the 3rd quarter worth $9,003,000. Finally, Raymond James Financial Inc. raised its holdings in CorMedix by 646.8% during the third quarter. Raymond James Financial Inc. now owns 651,987 shares of the company’s stock valued at $7,583,000 after acquiring an additional 564,688 shares during the period. 34.18% of the stock is currently 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.