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

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) saw strong trading volume on Wednesday . 4,106,721 shares changed hands during mid-day 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.

Analysts Set New Price Targets

CRMD has been the subject of a number of recent analyst reports. D. Boral Capital cut CorMedix from a "buy" rating to a "hold" rating in a research report on Monday, June 30th. Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and upped their price objective for the stock from $13.00 to $17.00 in a research report on Friday, June 20th. Needham & Company LLC increased their target price on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Wall Street Zen raised shares of CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. Finally, HC Wainwright initiated coverage on shares of CorMedix in a research note on Monday, June 30th. They set a "buy" rating and a $20.00 target price for the company. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, CorMedix has a consensus rating of "Moderate Buy" and an average target price of $17.14.

CorMedix Trading Down 0.1%

The company has a market capitalization of $779.25 million, a PE ratio of 52.23 and a beta of 1.58. The stock has a fifty day simple moving average of $12.69 and a 200-day simple moving average of $10.81.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.05. The business 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 period in the prior year, the company earned ($0.25) earnings per share. As a group, equities research analysts predict that CorMedix Inc will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

A number of large investors have recently made changes to their positions in CRMD. Elliott Investment Management L.P. increased its stake in shares of CorMedix by 85.1% during the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company's stock worth $23,252,000 after purchasing an additional 1,320,109 shares in the last quarter. Palisades Investment Partners LLC purchased a new stake in CorMedix during the 4th quarter worth $2,949,000. J. Goldman & Co LP boosted its stake in shares of CorMedix by 221.1% in the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company's stock valued at $3,704,000 after purchasing an additional 314,880 shares during the period. Vanguard Group Inc. boosted its stake in shares of CorMedix by 10.1% during the 4th quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company's stock valued at $27,363,000 after buying an additional 309,514 shares during the last quarter. Finally, Nuveen LLC bought a new position in CorMedix during the 1st quarter worth approximately $1,692,000. Hedge funds and other 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.