CorMedix (NASDAQ:CRMD) Director Alan Dunton Sells 10,000 Shares

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 Dunton sold 10,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $13.13, for a total transaction of $131,300.00. Following the completion of the transaction, the director directly owned 40,250 shares of the company's stock, valued at approximately $528,482.50. The trade was a 19.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

CorMedix Trading Down 8.4%

CorMedix stock traded down $1.06 during trading hours on Tuesday, hitting $11.59. 3,618,695 shares of the stock traded hands, compared to its average volume of 4,440,359. CorMedix Inc has a one year low of $5.60 and a one year high of $17.43. The firm's 50-day moving average price is $12.34 and its two-hundred day moving average price is $11.25. The company has a market cap of $865.19 million, a PE ratio of 15.45 and a beta of 1.76.

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

Analysts Set New Price Targets

A number of analysts have recently commented on CRMD shares. Needham & Company LLC boosted their target price on shares of CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. JMP Securities reissued a "market outperform" rating and set a $22.00 price objective on shares of CorMedix in a research note on Tuesday, September 9th. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and raised their target price for the company from $13.00 to $17.00 in a research note on Friday, June 20th. D. Boral Capital lowered shares of CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. Finally, HC Wainwright cut their price target on CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, CorMedix has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP boosted its stake in CorMedix by 1,019.2% during the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock valued at $31,785,000 after purchasing an additional 2,349,451 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of CorMedix during the second quarter valued at $5,115,000. Palisades Investment Partners LLC bought a new stake in CorMedix in the 4th quarter worth about $2,949,000. Nuveen LLC purchased a new position in CorMedix in the 1st quarter worth about $1,692,000. Finally, Vanguard Group Inc. lifted its stake in CorMedix by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company's stock valued at $22,463,000 after acquiring an additional 268,360 shares during the period. Institutional investors own 34.18% of the company's stock.

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.

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