CorMedix (NASDAQ:CRMD) Shares Down 8.3% - What's Next?

Key Points

• CorMedix shares fell 8.3% to $7.52 in mid-day trading, with volume down 32% from the average daily level.
• Analysts remain broadly optimistic: seven rate the stock Buy and two Hold, resulting in a consensus “Moderate Buy” rating and a $15 average price target.
• The company exceeded quarterly expectations, reporting $0.29 EPS versus $0.24 expected and $101.93 million in revenue versus $96.04 million forecast; institutional investors own 34.18% of the stock.

Shares of CorMedix Inc (NASDAQ:CRMD - Get Free Report) were down 8.3% during mid-day trading on Thursday. The company traded as low as $7.51 and last traded at $7.52. 1,054,768 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 1,560,394 shares. The stock had previously closed at $8.20.

Analyst Ratings Changes

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

CorMedix Price Performance

The firm has a market capitalization of $584.97 million, a P/E ratio of 3.49, a PEG ratio of 1.45 and a beta of 1.40. The company has a fifty day moving average of $7.87 and a 200 day moving average of $7.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36.

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

Hedge Funds Weigh In On CorMedix

Hedge funds and other institutional investors have recently bought and sold shares of the company. Gryphon Financial Partners LLC lifted its holdings in shares of CorMedix by 6.3% in the first quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company's stock valued at $186,000 after purchasing an additional 1,618 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in CorMedix by 13.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 14,222 shares of the company's stock worth $113,000 after buying an additional 1,736 shares in the last quarter. HighTower Advisors LLC grew its holdings in CorMedix by 8.2% during the second quarter. HighTower Advisors LLC now owns 32,655 shares of the company's stock worth $256,000 after buying an additional 2,476 shares in the last quarter. Sigma Planning Corp grew its holdings in CorMedix by 8.5% during the third quarter. Sigma Planning Corp now owns 32,142 shares of the company's stock worth $247,000 after buying an additional 2,531 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in CorMedix in the 3rd quarter valued at $31,000. Institutional investors and hedge funds 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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