CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume – Here’s What Happened

CorMedix Inc. (NASDAQ:CRMD) shares saw an uptick in trading volume on Wednesday . 1,177,476 shares were traded during mid-day trading, an increase of 61% from the previous session’s volume of 733,563 shares.The stock last traded at $11.31 and had previously closed at $11.07.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRMD. Royal Bank of Canada restated an “outperform” rating and set a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th. Rodman & Renshaw initiated coverage on shares of CorMedix in a research report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target for the company. Needham & Company LLC lifted their price target on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com upgraded CorMedix to a “sell” rating in a report on Friday, November 8th. Finally, Truist Financial lifted their target price on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, CorMedix has an average rating of “Moderate Buy” and a consensus price target of $15.20.

CorMedix Price Performance

The company has a fifty day moving average price of $9.73 and a 200 day moving average price of $6.62. The stock has a market cap of $654.70 million, a P/E ratio of -13.67 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period in the previous year, the company posted ($0.17) earnings per share. As a group, sell-side analysts expect that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the transaction, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. The trade was a 75.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.20% of the company’s stock.

Institutional Trading of CorMedix

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of CorMedix by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after buying an additional 102,851 shares in the last quarter. Geode Capital Management LLC raised its position in CorMedix by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after purchasing an additional 13,171 shares in the last quarter. State Street Corp lifted its stake in CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after purchasing an additional 25,677 shares during the last quarter. 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.