CorMedix (NASDAQ:CRMD) Stock Price Down 3.5% - What's Next?

Key Points

• CorMedix Inc (NASDAQ:CRMD) shares fell 3.5%, closing at $11.22, with trading volume reduced significantly to 292,467 shares, a decline of 87% from the average session volume.
• Multiple analysts provide mixed ratings on the stock, with a consensus target price of $18.00 and a mix of "buy," "hold," and "outperform" ratings being reported.
• Despite the stock dip, CorMedix reported quarterly earnings that surpassed expectations, with a profit of $0.28 per share and revenue of $39.74 million, reflecting a significant year-over-year growth.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) shares fell 3.5% on Wednesday . The stock traded as low as $11.22 and last traded at $11.22. 292,467 shares changed hands during trading, a decline of 87% from the average session volume of 2,238,369 shares. The stock had previously closed at $11.63.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CRMD shares. JMP Securities reissued a "market outperform" rating and issued a $22.00 target price on shares of CorMedix in a research note on Tuesday, September 9th. D. Boral Capital downgraded CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. Royal Bank Of Canada raised CorMedix from an "outperform" rating to a "moderate buy" rating and raised their price target for the company from $13.00 to $17.00 in a report on Friday, June 20th. Needham & Company LLC raised their price target on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Finally, HC Wainwright dropped their target price on CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.00.

CorMedix Price Performance

The company has a market capitalization of $872.79 million, a P/E ratio of 14.91 and a beta of 1.76. The company has a fifty day moving average price of $12.38 and a two-hundred day moving average price of $11.32.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.08. The company had revenue of $39.74 million for the quarter, compared to analysts' expectations of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The business's quarterly revenue was up 4830.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.25) earnings per share. As a group, sell-side analysts forecast that CorMedix Inc will post -0.32 earnings per share for the current year.

Insider Buying and Selling

In other CorMedix news, Director Alan W. Dunton sold 10,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.13, for a total transaction of $131,300.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.08, for a total value of $537,862.68. Following the transaction, the chief operating officer owned 176,990 shares in the company, valued at $2,315,029.20. The trade was a 18.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 163,997 shares of company stock valued at $2,163,617. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On CorMedix

A number of institutional investors and hedge funds have recently modified their holdings of CRMD. Ameriprise Financial Inc. bought a new position in shares of CorMedix during the 4th quarter worth approximately $103,000. Bank of America Corp DE boosted its holdings in shares of CorMedix by 1.9% during the 4th quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock worth $487,000 after buying an additional 1,124 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of CorMedix by 97.4% in the 4th quarter. Millennium Management LLC now owns 178,134 shares of the company's stock worth $1,443,000 after purchasing an additional 87,896 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of CorMedix by 1.0% in the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company's stock worth $1,393,000 after purchasing an additional 1,679 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of CorMedix by 19.7% in the 4th quarter. Two Sigma Investments LP now owns 31,489 shares of the company's stock worth $255,000 after purchasing an additional 5,189 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors.

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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