CorMedix (NASDAQ:CRMD) Trading Down 5.9% – What’s Next?

Shares of CorMedix Inc (NASDAQ:CRMD) dropped 5.9% during trading on Tuesday . The stock traded as low as $11.51 and last traded at $11.4660. Approximately 1,796,220 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 2,005,102 shares. The stock had previously closed at $12.19.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRMD. Wall Street Zen downgraded CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. D Boral Capital upgraded shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of CorMedix in a report on Tuesday, September 9th. 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 research report on Tuesday, October 21st. Finally, Zacks Research raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $18.33.

CorMedix Trading Down 7.9%

The stock has a market cap of $884.89 million, a price-to-earnings ratio of 5.45 and a beta of 1.36. The firm’s 50 day moving average is $11.11 and its two-hundred day moving average is $11.73. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results 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. The company had revenue of $104.28 million during the quarter, compared to the consensus estimate of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The company’s revenue for the quarter was up 810.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) earnings per share. Equities analysts anticipate that CorMedix Inc will post -0.32 EPS for the current year.

Insiders Place Their Bets

In other CorMedix news, Director Myron Kaplan purchased 25,000 shares of the stock in a transaction dated Thursday, October 23rd. The shares were bought at an average cost of $11.02 per share, with a total value of $275,500.00. Following the completion of the acquisition, the director owned 201,034 shares of the company’s stock, valued at approximately $2,215,394.68. This trade represents a 14.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $12.00, for a total transaction of $360,000.00. Following the completion of the sale, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at $6,113,952. The trade was a 5.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 90,000 shares of company stock valued at $1,095,200. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CorMedix

Institutional investors have recently made changes to their positions in the stock. Comerica Bank raised its stake in shares of CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after buying an additional 2,205 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in CorMedix during the second quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd boosted its holdings in CorMedix by 666.6% during the third 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 in the last quarter. USA Financial Formulas acquired a new position in CorMedix in the second quarter worth approximately $55,000. Finally, State of Alaska Department of Revenue bought a new position in shares of CorMedix in the third quarter valued at $54,000. 34.18% of the stock is owned by institutional investors and hedge funds.

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.