CorMedix (NASDAQ:CRMD) Shares Gap Up Following Earnings Beat

Shares of CorMedix Inc (NASDAQ:CRMD) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $11.19, but opened at $11.74. CorMedix shares last traded at $12.5860, with a volume of 4,053,343 shares.

The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.78. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The firm had revenue of $2.73 million during the quarter, compared to analyst estimates of $65.63 million. During the same period last year, the firm posted ($0.05) EPS. The business’s revenue was up 810.2% compared to the same quarter last year. CorMedix has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $22.00 price objective (up previously from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Wall Street Zen downgraded shares of CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. HC Wainwright lowered their price target on shares of CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, D. Boral Capital reiterated a “buy” rating and issued a $14.00 price objective on shares of CorMedix in a research note on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, CorMedix has an average rating of “Buy” and an average price target of $18.17.

Insider Buying and Selling at CorMedix

In other CorMedix news, insider Kaufman Beth Zelnick sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $13.41, for a total value of $670,500.00. Following the sale, the insider directly owned 180,418 shares in the company, valued at $2,419,405.38. This represents a 21.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph Todisco sold 50,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $13.00, for a total transaction 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 163,997 shares of company stock worth $2,163,617 in the last ninety days. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRMD. Integrated Quantitative Investments LLC purchased a new stake in CorMedix during the third quarter valued at about $264,000. Victory Capital Management Inc. bought a new stake in CorMedix in the 3rd quarter worth approximately $2,737,000. 111 Capital purchased a new stake in CorMedix in the third quarter worth approximately $147,000. Royce & Associates LP bought a new position in CorMedix during the third quarter valued at approximately $5,132,000. Finally, Rafferty Asset Management LLC bought a new stake in shares of CorMedix in the 3rd quarter worth approximately $174,000. Institutional investors own 34.18% of the company’s stock.

CorMedix Stock Performance

The stock’s 50 day moving average price is $11.44 and its 200-day moving average price is $12.05. The company has a market cap of $894.64 million, a PE ratio of 15.23 and a beta of 1.80.

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.