CorMedix (NASDAQ:CRMD) Shares Gap Down – What’s Next?

CorMedix Inc (NASDAQ:CRMD) shares gapped down prior to trading on Thursday . The stock had previously closed at $11.17, but opened at $8.73. CorMedix shares last traded at $8.0490, with a volume of 5,682,994 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CRMD shares. Needham & Company LLC dropped their target price on shares of CorMedix from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. HC Wainwright upped their price objective on CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, October 8th. D Boral Capital upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $22.00 price target (up from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $18.33.

CorMedix Stock Performance

The business’s 50-day simple moving average is $11.11 and its 200 day simple moving average is $11.71. The firm has a market cap of $585.41 million, a P/E ratio of 3.64 and a beta of 1.36. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $0.48 by $0.78. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The company had revenue of $104.28 million during the quarter, compared to analyst estimates of $65.63 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. CorMedix’s revenue was up 810.2% compared to the same quarter last year. As a group, equities analysts predict that CorMedix Inc will post -0.32 earnings per share for the current year.

Insider Buying and Selling at CorMedix

In other news, Director Alan W. Dunton sold 20,000 shares of the company’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the completion of the sale, the director owned 40,250 shares of the company’s stock, valued at $523,250. This represents a 33.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Myron Kaplan acquired 25,000 shares of the company’s stock in a transaction that occurred on Thursday, October 23rd. The stock was acquired at an average cost of $11.02 per share, for a total transaction of $275,500.00. Following the acquisition, the director owned 201,034 shares of the company’s stock, valued at $2,215,394.68. The trade was a 14.20% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 90,000 shares of company stock worth $1,095,200 over the last 90 days. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On CorMedix

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in CorMedix by 176.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 97,228 shares of the company’s stock worth $1,131,000 after purchasing an additional 62,085 shares during the period. Allworth Financial LP increased its position in CorMedix by 694.9% in the third quarter. Allworth Financial LP now owns 60,939 shares of the company’s stock worth $709,000 after buying an additional 53,273 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of CorMedix in the third quarter worth about $576,000. Caitong International Asset Management Co. Ltd lifted its position in shares of CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after buying an additional 3,813 shares in the last quarter. Finally, Oberweis Asset Management Inc. grew its stake in shares of CorMedix by 62.0% during the 3rd quarter. Oberweis Asset Management Inc. now owns 785,700 shares of the company’s stock valued at $9,138,000 after acquiring an additional 300,700 shares during the period. Institutional investors own 34.18% of the company’s stock.

About CorMedix

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.