CorMedix (NASDAQ:CRMD) Trading Up 6% – Here’s What Happened

CorMedix Inc (NASDAQ:CRMD) shares shot up 6% on Monday . The stock traded as high as $7.74 and last traded at $7.7050. 1,854,507 shares were traded during mid-day trading, a decline of 59% from the average session volume of 4,559,631 shares. The stock had previously closed at $7.27.

Wall Street Analyst Weigh In

CRMD has been the topic of a number of recent research reports. D. Boral Capital restated a “buy” rating and set a $14.00 price target on shares of CorMedix in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. D Boral Capital upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Needham & Company LLC decreased their price objective on CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Finally, Zacks Research downgraded CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, CorMedix currently has an average rating of “Buy” and a consensus target price of $15.86.

CorMedix Stock Performance

The company has a debt-to-equity ratio of 0.39, a current ratio of 1.94 and a quick ratio of 1.73. The firm has a market cap of $611.40 million, a PE ratio of 3.77 and a beta of 1.36. The company has a 50 day simple moving average of $10.10 and a 200-day simple moving average of $11.19.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.78. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The business had revenue of $104.28 million for the quarter, compared to analyst estimates of $65.63 million. During the same period last year, the company earned ($0.05) EPS. CorMedix’s revenue for the quarter was up 810.2% compared to the same quarter last year. As a group, equities research analysts anticipate that CorMedix Inc will post -0.32 EPS for the current year.

Insider Activity at CorMedix

In related news, Director Steven W. Lefkowitz sold 40,000 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total value of $475,200.00. Following the completion of the transaction, the director owned 80,498 shares of the company’s stock, valued at approximately $956,316.24. This trade represents a 33.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph Todisco sold 30,000 shares of CorMedix stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $12.00, for a total value of $360,000.00. Following the completion of the transaction, the chief executive officer owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 90,000 shares of company stock valued at $1,095,200 over the last 90 days. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CorMedix

Hedge funds and other institutional investors have recently bought and sold shares of the company. Comerica Bank raised its stake in shares of CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in CorMedix during the second quarter worth $42,000. Caitong International Asset Management Co. Ltd increased its stake in shares of CorMedix by 666.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after purchasing an additional 3,813 shares in the last quarter. USA Financial Formulas acquired a new stake in CorMedix in the second quarter valued at approximately $55,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of CorMedix in the third quarter valued at approximately $54,000. Hedge funds and other 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.