CorMedix (NASDAQ:CRMD) Director Alan Dunton Sells 20,000 Shares

CorMedix Inc (NASDAQ:CRMD) Director Alan Dunton sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total transaction of $260,000.00. Following the sale, the director directly owned 40,250 shares of the company’s stock, valued at $523,250. The trade was a 33.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

CorMedix Price Performance

Shares of NASDAQ:CRMD traded up $0.53 during midday trading on Friday, hitting $12.16. The company’s stock had a trading volume of 2,154,338 shares, compared to its average volume of 2,511,473. The company has a market cap of $958.09 million, a P/E ratio of 5.90 and a beta of 1.36. CorMedix Inc has a 12-month low of $5.60 and a 12-month high of $17.43. The business’s 50 day simple moving average is $11.09 and its 200 day simple moving average is $11.77. 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 announced its quarterly earnings data on Wednesday, November 12th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.78. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The company had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. During the same quarter in the prior year, the company earned ($0.05) EPS. CorMedix’s revenue was up 810.2% compared to the same quarter last year. On average, analysts forecast that CorMedix Inc will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRMD. Comerica Bank lifted its stake in shares of CorMedix by 454.6% during the 3rd quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares during the period. Canada Pension Plan Investment Board purchased a new position in CorMedix during the second quarter worth about $42,000. Caitong International Asset Management Co. Ltd boosted its stake in CorMedix by 666.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after buying an additional 3,813 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in CorMedix in the 3rd quarter worth about $54,000. Finally, USA Financial Formulas purchased a new stake in CorMedix in the 2nd quarter valued at about $55,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

Analyst Upgrades and Downgrades

CRMD has been the topic of a number of recent analyst reports. Needham & Company LLC decreased their target price on shares of CorMedix from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. JMP Securities reissued a “market outperform” rating and set a $22.00 price objective on shares of CorMedix in a research report on Tuesday, September 9th. Royal Bank Of Canada reissued an “outperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Wall Street Zen downgraded shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Zacks Research raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, CorMedix presently has a consensus rating of “Buy” and a consensus price target of $18.33.

CorMedix Company Profile

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.