CorMedix (NASDAQ:CRMD) Shares Gap Up – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.93, but opened at $10.13. CorMedix shares last traded at $9.62, with a volume of 1,618,702 shares.

Analyst Upgrades and Downgrades

CRMD has been the subject of a number of recent research reports. Needham & Company LLC lifted their target price on 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. 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. Finally, Royal Bank of Canada lifted their target price on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, CorMedix currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.80.

CorMedix Trading Up 23.2 %

The company has a 50-day simple moving average of $9.62 and a 200 day simple moving average of $7.55. The company has a market cap of $592.81 million, a P/E ratio of -12.06 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. On average, equities analysts forecast that CorMedix Inc. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On CorMedix

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of CorMedix by 685.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after purchasing an additional 169,397 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of CorMedix by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after purchasing an additional 13,171 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of CorMedix by 130.7% during 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 during the last quarter. State Street Corp lifted its stake in shares of CorMedix by 0.8% during the 3rd 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. Finally, Parallax Volatility Advisers L.P. purchased a new stake in shares of CorMedix during the 3rd quarter worth $648,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.