CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume - Here's What Happened

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 4,106,721 shares changed hands during trading, an increase of 194% from the previous session's volume of 1,399,123 shares.The stock last traded at $11.60 and had previously closed at $11.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CRMD shares. Wall Street Zen raised CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. D Boral Capital downgraded CorMedix from a "strong-buy" rating to a "hold" rating in a report on Monday, June 30th. D. Boral Capital cut shares of CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and lifted their target price for the company from $13.00 to $17.00 in a research note on Friday, June 20th. Finally, Needham & Company LLC lifted their target price on shares of CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $17.14.

CorMedix Stock Performance

The firm's 50-day simple moving average is $12.70 and its 200 day simple moving average is $10.80. The company has a market cap of $788.34 million, a P/E ratio of 52.81 and a beta of 1.58.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. The company had revenue of $39.08 million during the quarter, compared to analysts' expectations of $38.90 million. CorMedix had a net margin of 20.81% and a return on equity of 22.57%. During the same quarter in the previous year, the company posted ($0.25) EPS. As a group, research analysts forecast that CorMedix Inc will post -0.32 earnings per share for the current year.

Institutional Trading of CorMedix

Several institutional investors and hedge funds have recently made changes to their positions in CRMD. USA Financial Formulas acquired a new position in shares of CorMedix in the 2nd quarter valued at $55,000. SBI Securities Co. Ltd. grew its holdings in shares of CorMedix by 699.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock valued at $54,000 after buying an additional 7,599 shares during the period. ARS Wealth Advisors Group LLC acquired a new position in shares of CorMedix in the 2nd quarter valued at $123,000. Kapitalo Investimentos Ltda acquired a new position in shares of CorMedix in the 2nd quarter valued at $123,000. Finally, Essex Financial Services Inc. acquired a new position in shares of CorMedix in the 1st quarter valued at $63,000. 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.