CorMedix (NASDAQ:CRMD) Shares Gap Down – Should You Sell?

CorMedix Inc. (NASDAQ:CRMD) shares gapped down prior to trading on Wednesday . The stock had previously closed at $12.97, but opened at $11.34. CorMedix shares last traded at $10.22, with a volume of 831,698 shares traded.

Analysts Set New Price Targets

CRMD has been the topic of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research report on Thursday, August 15th. Rodman & Renshaw assumed coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of CorMedix in a report on Thursday, August 15th. Finally, Truist Financial upped their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $13.60.

CorMedix Trading Down 19.0 %

The firm has a market capitalization of $577.07 million, a P/E ratio of -10.99 and a beta of 1.61. The stock has a 50-day simple moving average of $8.26 and a two-hundred day simple moving average of $6.05.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.01. The firm had revenue of $0.81 million during the quarter, compared to the consensus estimate of $0.75 million. During the same quarter in the previous year, the firm earned ($0.25) earnings per share. As a group, research analysts expect that CorMedix Inc. will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRMD. Vanguard Group Inc. boosted its stake in CorMedix by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after acquiring an additional 102,851 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after buying an additional 2,562 shares during the last quarter. Tidal Investments LLC purchased a new stake in CorMedix in the first quarter valued at about $60,000. Bank of New York Mellon Corp boosted its holdings in CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of CorMedix during the second quarter worth about $44,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

About CorMedix

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.