CorMedix (NASDAQ:CRMD) Stock Price Down 5.9% - Time to Sell?

Key Points

• CorMedix shares fell 5.9% on Monday, trading as low as $8.00 amid volume that was well below average. The stock closed previously at $8.42.
• Despite the decline, Wall Street sentiment remains broadly positive: six analysts rate the stock a Buy and two Hold it, with a consensus price target of $14.86. Recent targets ranged from $13 to $19.
• Recent fundamentals were strong, with the company reporting $0.43 EPS on revenue of $127.43 million in its latest quarter, both above estimates. Revenue rose 226.1% year over year, and CorMedix continues to develop its lead therapy, Neutrolin.

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) traded down 5.9% during trading on Monday . The stock traded as low as $8.00 and last traded at $7.9250. Approximately 458,762 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,793,413 shares. The stock had previously closed at $8.42.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Needham & Company LLC upped their target price on shares of CorMedix from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, April 27th. Citizens Jmp restated a "market outperform" rating and issued a $19.00 price objective on shares of CorMedix in a research report on Tuesday, April 28th. D. Boral Capital reiterated a "buy" rating and issued a $14.00 price target on shares of CorMedix in a report on Monday, April 27th. Royal Bank Of Canada dropped their target price on shares of CorMedix from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Tuesday, July 7th. Finally, Leerink Partners lifted their price objective on shares of CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, CorMedix currently has an average rating of "Moderate Buy" and a consensus price target of $14.86.

CorMedix Price Performance

The company's 50-day simple moving average is $8.32 and its 200-day simple moving average is $7.82. The stock has a market capitalization of $621.72 million, a P/E ratio of 3.74 and a beta of 1.48. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.35 by $0.08. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The company had revenue of $127.43 million during the quarter, compared to the consensus estimate of $104.96 million. During the same period in the previous year, the company posted $0.30 EPS. The firm's revenue for the quarter was up 226.1% compared to the same quarter last year. As a group, sell-side analysts expect that CorMedix Inc will post 0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. bought a new position in shares of CorMedix during the fourth quarter worth about $25,000. Comerica Bank raised its holdings in shares of CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company's stock worth $31,000 after acquiring an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in CorMedix during the 2nd quarter worth $42,000. Kestra Advisory Services LLC purchased a new position in CorMedix during the fourth quarter worth about $49,000. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of CorMedix by 666.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock valued at $51,000 after acquiring an additional 3,813 shares during the last quarter. Institutional investors own 34.18% of the company's stock.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company's lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.

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