CorMedix (NASDAQ:CRMD) Stock Price Down 4.9% – Here’s What Happened

CorMedix Inc (NASDAQ:CRMD)’s share price fell 4.9% during trading on Wednesday . The company traded as low as $11.80 and last traded at $11.8650. 1,976,410 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 2,364,577 shares. The stock had previously closed at $12.48.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRMD. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, October 8th. Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. HC Wainwright lifted their target price on CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. D. Boral Capital reaffirmed a “buy” rating and set a $14.00 target price on shares of CorMedix in a report on Thursday, December 18th. Finally, Zacks Research raised CorMedix from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $18.33.

CorMedix Price Performance

The business’s 50-day simple moving average is $11.07 and its 200 day simple moving average is $11.79. The company has a market capitalization of $916.33 million, a P/E ratio of 5.65 and a beta of 1.36. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, November 12th. 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 net margin of 75.83% and a return on equity of 51.77%. The business had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same period last year, the firm posted ($0.05) earnings per share. The business’s revenue was up 810.2% on a year-over-year basis. As a group, sell-side analysts anticipate that CorMedix Inc will post -0.32 EPS for the current year.

Insider Transactions at CorMedix

In other news, CEO Joseph Todisco sold 30,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer owned 509,496 shares in the company, valued at $6,113,952. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven W. Lefkowitz sold 40,000 shares of the firm’s 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 transaction, the director directly owned 80,498 shares of the company’s stock, valued at $956,316.24. This represents a 33.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.10% of the company’s stock.

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP boosted its holdings in CorMedix by 34.6% during the third quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock worth $40,397,000 after buying an additional 893,518 shares in the last quarter. Deerfield Management Company L.P. acquired a new stake in shares of CorMedix during the 3rd quarter valued at $38,656,000. Geode Capital Management LLC boosted its stake in shares of CorMedix by 11.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock worth $19,669,000 after acquiring an additional 163,403 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in shares of CorMedix by 68.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,262,979 shares of the company’s stock worth $14,688,000 after acquiring an additional 512,979 shares during the last quarter. Finally, UBS Group AG raised its position in shares of CorMedix by 295.3% during the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock worth $12,687,000 after purchasing an additional 814,964 shares during the period. 34.18% of the stock is currently owned by institutional investors.

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.