CorMedix (NASDAQ:CRMD) Stock Price Breaks Above Fifty Day Moving Average – Time to Sell?

Shares of CorMedix Inc (NASDAQ:CRMD) crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $7.86 and traded as high as $8.09. CorMedix shares last traded at $7.94, with a volume of 1,130,265 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRMD. Weiss Ratings upgraded CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Oppenheimer assumed coverage on CorMedix in a research note on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of CorMedix in a report on Monday, October 19th. Finally, Royal Bank Of Canada increased their target price on CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.00.

CorMedix Stock Up 1.1%

The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. The stock’s fifty day simple moving average is $7.86 and its 200-day simple moving average is $7.68. The stock has a market cap of $618.84 million, a P/E ratio of 3.71, a PEG ratio of 1.45 and a beta of 1.40.

CorMedix (NASDAQ:CRMD) last issued its earnings results 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 the consensus estimate of $96.04 million. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. On average, research analysts anticipate that CorMedix Inc will post 0.54 earnings per share for the current year.

Institutional Trading of CorMedix

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in CorMedix during the 2nd quarter valued at approximately $49,644,000. Pacer Advisors Inc. grew its stake in CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock worth $3,942,000 after buying an additional 326,724 shares during the last quarter. Private Advisor Group LLC grew its stake in CorMedix by 33.3% during the 1st quarter. Private Advisor Group LLC now owns 504,668 shares of the company’s stock worth $3,427,000 after buying an additional 126,131 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in CorMedix by 150.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock worth $3,443,000 after buying an additional 263,618 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in CorMedix in the second quarter worth $3,108,000. Institutional investors own 34.18% of the company’s stock.

About CorMedix

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.