CorMedix (NASDAQ:CRMD) Stock Price Up 6.1% – What’s Next?

CorMedix Inc. (NASDAQ:CRMD)’s share price shot up 6.1% during mid-day trading on Thursday . The company traded as high as $12.69 and last traded at $12.63. 1,052,446 shares changed hands during trading, a decline of 35% from the average session volume of 1,617,694 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

CRMD has been the subject of several recent analyst reports. StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Royal Bank of Canada raised their price target on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Needham & Company LLC upped their price objective on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. D. Boral Capital initiated coverage on CorMedix in a research note on Monday. They issued a “buy” rating and a $15.00 target price for the company. Finally, Truist Financial boosted their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and a consensus target price of $15.67.

CorMedix Stock Up 7.5 %

The company has a market capitalization of $776.10 million, a P/E ratio of -15.79 and a beta of 1.56. The firm’s 50-day moving average price is $9.70 and its 200 day moving average price is $7.86.

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

Insider Activity at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were 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 of the company’s stock, valued at approximately $507,538.46. This represents a 75.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently modified their holdings of CRMD. FMR LLC increased its position in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after acquiring an additional 1,625 shares during the last quarter. AlphaMark Advisors LLC purchased a new stake in shares of CorMedix during the 3rd quarter valued at $97,000. BNP Paribas Financial Markets increased its position in shares of CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after purchasing an additional 6,761 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after purchasing an additional 2,700 shares during the period. Finally, Palumbo Wealth Management LLC purchased a new position in shares of CorMedix in the 3rd quarter worth about $100,000. Institutional investors own 34.18% of the company’s stock.

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.