CorMedix (NASDAQ:CRMD) Shares Gap Down - Here's What Happened

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $14.96, but opened at $12.86. CorMedix shares last traded at $12.40, with a volume of 3,444,141 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRMD. Leerink Partnrs raised CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Needham & Company LLC upped their price target on shares of CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Leerink Partners initiated coverage on shares of CorMedix in a research note on Friday, March 7th. They issued an "outperform" rating and a $18.00 price objective for the company. D. Boral Capital downgraded shares of CorMedix from a "buy" rating to a "hold" rating in a report on Monday. Finally, Wall Street Zen raised shares of CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $17.14.

CorMedix Stock Performance

The stock has a market capitalization of $835.54 million, a PE ratio of 56.00 and a beta of 1.62. The company's fifty day simple moving average is $12.21 and its two-hundred day simple moving average is $10.43.

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

Institutional Trading of CorMedix

A number of large investors have recently made changes to their positions in CRMD. SBI Securities Co. Ltd. boosted its stake in shares of CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after purchasing an additional 7,599 shares during the last quarter. Essex Financial Services Inc. acquired a new stake in CorMedix during the first quarter worth approximately $63,000. EntryPoint Capital LLC purchased a new stake in CorMedix in the 1st quarter worth approximately $66,000. KLP Kapitalforvaltning AS purchased a new stake in CorMedix in the 1st quarter worth approximately $72,000. Finally, Captrust Financial Advisors acquired a new position in CorMedix in the 4th quarter valued at $90,000. Institutional investors and hedge funds own 34.18% of the company's stock.

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.