CorMedix (NASDAQ:CRMD) Trading Down 5.9% – What’s Next?

Shares of CorMedix Inc (NASDAQ:CRMD) dropped 5.9% during mid-day trading on Thursday . The company traded as low as $7.96 and last traded at $7.8940. 600,994 shares were traded during trading, a decline of 68% from the average daily volume of 1,858,694 shares. The stock had previously closed at $8.39.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Citizens Jmp reissued a “market outperform” rating and issued a $19.00 price target on shares of CorMedix in a research note on Tuesday, April 28th. Leerink Partners lifted their price objective on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 14th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $14.00 target price (up from $13.00) on shares of CorMedix in a research report on Tuesday, April 28th. Finally, Needham & Company LLC raised their target price on shares of CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.00.

CorMedix Stock Performance

The stock has a market cap of $615.83 million, a P/E ratio of 3.69 and a beta of 1.46. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74. The company has a fifty day moving average of $8.07 and a 200 day moving average of $8.20.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The firm had revenue of $127.43 million during the quarter, compared to analyst estimates of $104.96 million. During the same period last year, the company posted $0.30 EPS. The firm’s quarterly revenue was up 226.1% on a year-over-year basis. On average, equities analysts predict that CorMedix Inc will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Deerfield Management Company L.P. acquired a new position in CorMedix during the third quarter worth about $38,656,000. Marshall Wace LLP lifted its holdings in CorMedix by 34.6% in the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock valued at $40,397,000 after acquiring an additional 893,518 shares during the last quarter. UBS Group AG boosted its position in shares of CorMedix by 295.3% during the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after purchasing an additional 814,964 shares in the last quarter. Jump Financial LLC bought a new position in shares of CorMedix during the 3rd quarter valued at about $9,003,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of CorMedix by 259.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company’s stock worth $9,639,000 after purchasing an additional 597,971 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

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.