CorMedix (NASDAQ:CRMD) Stock Price Up 2.5% – Here’s Why

CorMedix Inc. (NASDAQ:CRMD) shares traded up 2.5% on Wednesday . The company traded as high as $11.00 and last traded at $10.56. 589,790 shares changed hands during trading, a decline of 62% from the average session volume of 1,551,921 shares. The stock had previously closed at $10.30.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. StockNews.com upgraded shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Royal Bank of Canada raised their target price on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Truist Financial increased their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC raised their target price on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CorMedix has a consensus rating of “Moderate Buy” and a consensus target price of $15.80.

CorMedix Stock Up 0.2 %

The firm has a market capitalization of $626.19 million, a P/E ratio of -12.74 and a beta of 1.56. The stock has a fifty day simple moving average of $9.57 and a 200 day simple moving average of $7.59.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. Research analysts anticipate that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. The trade was a 75.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CorMedix

Several large investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after acquiring an additional 1,625 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of CorMedix by 10.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after buying an additional 4,935 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after buying an additional 6,761 shares during the period. Finally, Sigma Planning Corp lifted its stake in shares of CorMedix by 23.8% during the 3rd quarter. Sigma Planning Corp now owns 39,947 shares of the company’s stock worth $323,000 after acquiring an additional 7,679 shares during the last quarter. 34.18% of the stock is owned by institutional investors.

About CorMedix

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.