CorMedix (NASDAQ:CRMD) Reaches New 1-Year Low - Here's Why

Key Points

• CorMedix shares fell 20.5%, hitting a new 52-week low of $6.04 before recovering to $6.57, well below the prior close of $7.64.
• Despite the selloff, analysts remain broadly optimistic: seven rate the stock Buy and two Hold, producing a “Moderate Buy” consensus and an average price target of $15.00.
• The company recently exceeded quarterly expectations, reporting $0.29 in earnings per share versus $0.24 expected and revenue of $101.93 million versus a $96.04 million consensus estimate; institutional investors own 34.18% of shares.

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) reached a new 52-week low during mid-day trading on Friday. The company traded as low as $6.04 and last traded at $6.57, with a volume of 828,872 shares trading hands. The stock had previously closed at $7.64.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRMD. Weiss Ratings upgraded CorMedix from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Needham & Company LLC restated a "buy" rating and issued a $15.00 target price on shares of CorMedix in a report on Monday, October 19th. Royal Bank Of Canada boosted their price target on CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, August 14th. Finally, Oppenheimer started coverage on CorMedix in a research note on Wednesday, September 23rd. They issued an "outperform" rating and a $15.00 price target for the company. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

CorMedix Stock Down 20.5%

The stock has a market cap of $473.56 million, a P/E ratio of 2.87, a PEG ratio of 1.52 and a beta of 1.40. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The company's 50 day moving average price is $7.85 and its two-hundred day moving average price is $7.67.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $101.93 million for the quarter, compared to analysts' expectations of $96.04 million. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. Equities analysts forecast that CorMedix Inc will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in CorMedix during the 2nd quarter worth approximately $49,644,000. Pacer Advisors Inc. lifted its holdings in shares of CorMedix by 128.7% during the first quarter. Pacer Advisors Inc. now owns 580,620 shares of the company's stock worth $3,942,000 after purchasing an additional 326,724 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in shares of CorMedix by 150.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company's stock worth $3,443,000 after acquiring an additional 263,618 shares during the period. Private Advisor Group LLC grew its holdings in CorMedix by 33.3% during the first quarter. Private Advisor Group LLC now owns 504,668 shares of the company's stock worth $3,427,000 after acquiring an additional 126,131 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of CorMedix in the second quarter valued at about $3,108,000. Hedge funds and other institutional investors own 34.18% of the company's stock.

About CorMedix

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company's lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.

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