CorMedix (NASDAQ:CRMD) Shares Down 8.3% – Here’s Why

Shares of CorMedix Inc (NASDAQ:CRMD) traded down 8.3% during trading on Thursday. The stock traded as low as $7.51 and last traded at $7.52. Approximately 1,054,768 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 1,560,394 shares. The stock had previously closed at $8.20.

Wall Street Analysts Forecast Growth

CRMD has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of CorMedix in a research report on Monday, October 19th. Royal Bank Of Canada upped their price objective on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Oppenheimer initiated coverage on shares of CorMedix in a research note on Wednesday, September 23rd. They issued an “outperform” rating and a $15.00 price objective for the company. Finally, Weiss Ratings raised shares of CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, CorMedix currently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

CorMedix Price Performance

The firm has a market cap of $584.97 million, a P/E ratio of 3.49, a PEG ratio of 1.45 and a beta of 1.40. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $7.87 and its 200-day simple moving average is $7.67.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. As a group, analysts forecast that CorMedix Inc will post 0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of CorMedix during the 3rd quarter valued at $31,000. Kestra Advisory Services LLC raised its position in shares of CorMedix by 142.9% in the first quarter. Kestra Advisory Services LLC now owns 10,200 shares of the company’s stock worth $69,000 after buying an additional 6,000 shares in the last quarter. Summit Securities Group LLC bought a new stake in CorMedix during the first quarter valued at $70,000. Quantbot Technologies LP bought a new stake in CorMedix during the second quarter valued at $85,000. Finally, Allworth Financial LP bought a new stake in CorMedix during the second quarter valued at $88,000. 34.18% of the stock is owned by institutional investors.

CorMedix Company Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company’s lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.