CorMedix (NASDAQ:CRMD) Trading Down 5.3% After Insider Selling

Key Points

• CorMedix's stock price decreased by 5.3% during mid-day trading, falling to $11.98 from a previous close of $12.65.
• Analysts have mixed ratings for CorMedix, with a range of new price targets; Royal Bank of Canada increased theirs to $17.00 while HC Wainwright lowered theirs to $17.00.
• The company reported strong quarterly earnings with an EPS of $0.28, surpassing expectations and showing a staggering 4830.1% increase in revenue compared to the previous year.

CorMedix Inc (NASDAQ:CRMD - Get Free Report)'s stock price was down 5.3% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $12.00 and last traded at $11.98. Approximately 888,321 shares changed hands during trading, a decline of 60% from the average daily volume of 2,198,749 shares. The stock had previously closed at $12.65.

Specifically, Director Alan W. Dunton sold 10,000 shares of the business's 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 completion of the transaction, the director owned 40,250 shares in the company, valued at $528,482.50. The trade was a 19.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph Todisco sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.00, for a total value of $650,000.00. Following the transaction, the chief executive officer owned 509,496 shares of the company's stock, valued at $6,623,448. This trade represents a 8.94% decrease in their position. The disclosure for this sale can be found here. In other CorMedix news, COO Elizabeth Hurlburt sold 41,121 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.08, for a total transaction of $537,862.68. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

CRMD has been the subject of several recent analyst reports. JMP Securities restated a "market outperform" rating and set a $22.00 target price on shares of CorMedix in a research report on Tuesday, September 9th. Royal Bank Of Canada upgraded CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their target price for the company from $13.00 to $17.00 in a research report on Friday, June 20th. Needham & Company LLC boosted their target price on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Wall Street Zen upgraded CorMedix from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 13th. Finally, D Boral Capital lowered CorMedix from a "strong-buy" rating to a "hold" rating in a report on Monday, June 30th. 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

CorMedix Price Performance

The business has a fifty day simple moving average of $12.34 and a two-hundred day simple moving average of $11.27. The company has a market cap of $874.27 million, a PE ratio of 14.93 and a beta of 1.76.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.08. The company had revenue of $39.74 million during the quarter, compared to analyst estimates of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.CorMedix's revenue was up 4830.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.25) earnings per share. On average, equities research analysts predict that CorMedix Inc will post -0.32 EPS for the current year.

Institutional Trading of CorMedix

A number of hedge funds have recently bought and sold shares of CRMD. Marshall Wace LLP lifted its holdings in CorMedix by 1,019.2% during the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock worth $31,785,000 after buying an additional 2,349,451 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of CorMedix during the second quarter worth $5,115,000. Nuveen LLC acquired a new position in shares of CorMedix during the first quarter worth $1,692,000. Vanguard Group Inc. increased its position in shares of CorMedix by 7.9% during the first quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company's stock worth $22,463,000 after purchasing an additional 268,360 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of CorMedix by 1,070.3% during the first quarter. Invesco Ltd. now owns 289,110 shares of the company's stock worth $1,781,000 after purchasing an additional 264,407 shares in the last quarter. Hedge funds and other institutional investors 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.