Alan W. Dunton Sells 10,000 Shares of CorMedix (NASDAQ:CRMD) Stock

Key Points

• CorMedix Director Alan Dunton sold 10,000 shares at an average price of $13.13, reducing his ownership by 19.90% to 40,250 shares.
• CorMedix's stock decreased by 8.4% to $11.59, with a 52-week range of $5.60 to $17.43 and a market capitalization of $865.19 million.
• Analysts have set new price targets for CorMedix, with Needham & Company raising their target from $15.00 to $20.00 and JMP Securities setting it at $22.00.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) Director Alan W. Dunton sold 10,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the sale, the director owned 40,250 shares in the company, valued at approximately $528,482.50. The trade was a 19.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

CorMedix Price Performance

Shares of CRMD traded down $0.49 during mid-day trading on Friday, hitting $11.20. The stock had a trading volume of 4,564,760 shares, compared to its average volume of 4,478,071. The firm has a market cap of $874.27 million, a P/E ratio of 14.93 and a beta of 1.76. The business has a fifty day moving average price of $12.34 and a 200-day moving average price of $11.27. CorMedix Inc has a 52 week low of $5.60 and a 52 week high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.08. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The firm had revenue of $39.74 million for the quarter, compared to analyst estimates of $29.88 million. During the same period in the previous year, the company posted ($0.25) earnings per share. The business's revenue was up 4830.1% on a year-over-year basis. As a group, research analysts expect that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new position in shares of CorMedix in the 1st quarter worth about $98,000. Essex Financial Services Inc. purchased a new position in shares of CorMedix in the 1st quarter worth about $63,000. Swiss National Bank purchased a new position in shares of CorMedix in the 1st quarter worth about $724,000. Trexquant Investment LP boosted its holdings in shares of CorMedix by 588.9% in the 1st quarter. Trexquant Investment LP now owns 135,487 shares of the company's stock worth $835,000 after purchasing an additional 115,819 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in shares of CorMedix by 92.2% in the 4th quarter. ProShare Advisors LLC now owns 19,947 shares of the company's stock worth $162,000 after purchasing an additional 9,568 shares in the last quarter. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRMD. Wall Street Zen upgraded CorMedix from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 13th. JMP Securities reiterated a "market outperform" rating and set a $22.00 price objective on shares of CorMedix in a research note on Tuesday, September 9th. D. Boral Capital lowered CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. D Boral Capital cut CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. Finally, Needham & Company LLC upped their target price on CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.00.

About CorMedix

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.