CorMedix (NASDAQ:CRMD) Stock Price Down 5.9% – Should You Sell?

CorMedix Inc (NASDAQ:CRMD) dropped 5.9% during trading on Monday . The stock traded as low as $8.00 and last traded at $7.9250. Approximately 458,762 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,793,413 shares. The stock had previously closed at $8.42.

Analyst Upgrades and Downgrades

CRMD has been the topic of a number of recent analyst reports. Citizens Jmp reaffirmed a “market outperform” rating and set a $19.00 price target on shares of CorMedix in a report on Tuesday, April 28th. Needham & Company LLC boosted their price objective on shares of CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, April 27th. Weiss Ratings upgraded shares of CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Leerink Partners raised their target price on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Finally, Zacks Research raised shares of CorMedix from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Six investment 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 a consensus rating of “Moderate Buy” and an average target price of $14.86.

CorMedix Price Performance

The firm’s 50-day moving average is $8.34 and its 200-day moving average is $7.76. 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 has a market capitalization of $621.73 million, a P/E ratio of 3.73 and a beta of 1.48.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Thursday, May 14th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. The business had revenue of $127.43 million during the quarter, compared to analysts’ expectations of $104.96 million. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. The firm’s revenue was up 226.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 earnings per share. Analysts predict that CorMedix Inc will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On CorMedix

A number of institutional investors have recently bought and sold shares of CRMD. Financial Management Professionals Inc. purchased a new position in CorMedix during the fourth quarter valued at $25,000. Comerica Bank raised its stake in shares of CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after buying an additional 2,205 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of CorMedix in the second quarter worth about $42,000. Kestra Advisory Services LLC purchased a new position in shares of CorMedix during the 4th quarter valued at about $49,000. Finally, Caitong International Asset Management Co. Ltd lifted its position 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 valued at $51,000 after buying an additional 3,813 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

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.