CorMedix (NASDAQ:CRMD) Shares Gap Up on Analyst Upgrade

Key Points

• CorMedix Inc (NASDAQ:CRMD) experienced a significant rise in stock price, opening at $11.78 after an upgrade from D. Boral Capital, which increased its rating to a buy with a price target of $14.00.
• Despite recent upgrades, various analysts have downgraded the stock, with the average consensus rating at "Moderate Buy" and a price target of $17.86.
• Insider trading activity is notable, with the Director and CEO both selling significant shares, indicating a 8.94% decrease in the CEO's ownership, raising questions about insider confidence in the stock.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares gapped up prior to trading on Monday after D. Boral Capital upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $10.18, but opened at $11.78. D. Boral Capital now has a $14.00 price target on the stock. CorMedix shares last traded at $12.28, with a volume of 1,631,756 shares.

Several other research analysts have also weighed in on CRMD. D Boral Capital lowered CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of CorMedix in a research report on Wednesday, October 8th. Wall Street Zen lowered CorMedix from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 11th. Zacks Research lowered CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $22.00 price target on shares of CorMedix in a report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.86.

Insider Buying and Selling

In related news, Director Alan W. Dunton sold 10,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the sale, the director directly owned 40,250 shares in the company, valued at approximately $528,482.50. This represents a 19.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph Todisco sold 50,000 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $13.00, for a total value of $650,000.00. Following the sale, the chief executive officer owned 509,496 shares of the company's stock, valued at $6,623,448. This represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 163,997 shares of company stock valued at $2,163,617 in the last 90 days. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of CorMedix

Several large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. acquired a new stake in shares of CorMedix during the third quarter valued at about $2,606,000. China Universal Asset Management Co. Ltd. grew its stake in shares of CorMedix by 11.9% during the second quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company's stock valued at $168,000 after acquiring an additional 1,451 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of CorMedix by 337.9% during the second quarter. Squarepoint Ops LLC now owns 290,832 shares of the company's stock valued at $3,583,000 after acquiring an additional 224,412 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of CorMedix by 1,088.4% during the second quarter. Tower Research Capital LLC TRC now owns 9,032 shares of the company's stock valued at $111,000 after acquiring an additional 8,272 shares in the last quarter. Finally, Militia Capital Partners LP bought a new position in shares of CorMedix during the second quarter worth about $1,232,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

CorMedix Price Performance

The firm's 50-day moving average price is $12.19 and its 200 day moving average price is $11.57. The firm has a market cap of $942.11 million, a P/E ratio of 15.96 and a beta of 1.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $29.88 million. During the same quarter last year, the company posted ($0.25) earnings per share. The company's quarterly revenue was up 4830.1% compared to the same quarter last year. Analysts forecast that CorMedix Inc will post -0.32 earnings per share for the current year.

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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