CorMedix (NASDAQ:CRMD) Stock Price Down 5.9% – Time to Sell?

Shares of CorMedix Inc (NASDAQ:CRMD) dropped 5.9% during mid-day trading on Thursday . The stock traded as low as $7.96 and last traded at $7.8940. Approximately 600,994 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,858,694 shares. The stock had previously closed at $8.39.

Wall Street Analysts Forecast Growth

CRMD has been the subject of a number of recent research reports. Leerink Partners increased their price objective on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Zacks Research raised CorMedix from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Citizens Jmp reiterated a “market outperform” rating and set a $19.00 target price on shares of CorMedix in a report on Tuesday, April 28th. Weiss Ratings raised CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Finally, D. Boral Capital restated a “buy” rating and issued a $14.00 price target on shares of CorMedix in a research note on Monday, April 27th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.00.

CorMedix Price Performance

The stock has a market capitalization of $617.32 million, a P/E ratio of 3.70 and a beta of 1.46. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.97 and a quick ratio of 2.74. The company’s 50-day simple moving average is $8.04 and its 200-day simple moving average is $8.22.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. The company had revenue of $127.43 million during the quarter, compared to the consensus estimate of $104.96 million. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. The company’s quarterly revenue was up 226.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. As a group, sell-side analysts expect that CorMedix Inc will post 0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On CorMedix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. acquired a new position in CorMedix during the fourth quarter worth approximately $25,000. Comerica Bank lifted its position in shares of CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock valued at $31,000 after buying an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of CorMedix during the 2nd quarter worth approximately $42,000. Kestra Advisory Services LLC acquired a new position in shares of CorMedix during the 4th quarter worth approximately $49,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings 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 worth $51,000 after acquiring an additional 3,813 shares during the last quarter. 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.