CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume Following Earnings Beat

Key Points

• CorMedix Inc experienced a significant increase in trading volume of 33% with 2,293,197 shares changing hands, while the stock price fell from $11.95 to $10.24.
• Analyst ratings for CorMedix vary, with a consensus target price of $17.14 and ratings including five "buy" and three "hold" recommendations, despite a recent downgrade from D Boral Capital.
• CorMedix reported a notable earnings increase, with a 4830.1% year-over-year revenue growth and an EPS of $0.28, beating analyst expectations of $0.17.

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) saw strong trading volume on Thursday following a stronger than expected earnings report. 2,293,197 shares were traded during mid-day trading, an increase of 33% from the previous session's volume of 1,728,025 shares.The stock last traded at $10.24 and had previously closed at $11.95.

The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The business had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same quarter last year, the firm earned ($0.25) EPS. The business's revenue was up 4830.1% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities analysts recently commented on CRMD shares. D. Boral Capital lowered CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. HC Wainwright set a $17.00 price target on shares of CorMedix and gave the company a "buy" rating in a research report on Friday. Needham & Company LLC boosted their price target on shares of CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their price target for the company from $13.00 to $17.00 in a research report on Friday, June 20th. Finally, D Boral Capital cut shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.71.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. boosted 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. USA Financial Formulas acquired a new position in CorMedix during the 2nd quarter valued at about $55,000. Essex Financial Services Inc. acquired a new position in CorMedix during the 1st quarter valued at about $63,000. EntryPoint Capital LLC acquired a new position in CorMedix during the 1st quarter valued at about $66,000. Finally, KLP Kapitalforvaltning AS acquired a new position in CorMedix during the 1st quarter valued at about $72,000. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Stock Performance

The business's 50 day simple moving average is $12.47 and its 200-day simple moving average is $10.77. The stock has a market capitalization of $751.73 million, a price-to-earnings ratio of 13.43 and a beta of 1.71.

CorMedix Company Profile

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.