CorMedix (NASDAQ:CRMD) Stock Price Down 6.2% Following Analyst Downgrade

CorMedix Inc (NASDAQ:CRMD)’s stock price traded down 6.2% during mid-day trading on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $7.11 and last traded at $7.1540. 1,100,427 shares were traded during mid-day trading, a decline of 83% from the average session volume of 6,302,057 shares. The stock had previously closed at $7.63.

A number of other brokerages have also recently issued reports on CRMD. Truist Financial set a $16.00 target price on CorMedix in a report on Thursday, January 8th. D. Boral Capital restated a “buy” rating and set a $14.00 price objective on shares of CorMedix in a report on Thursday, January 8th. Royal Bank Of Canada reiterated an “outperform” rating and set a $22.00 price objective (up from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. HC Wainwright boosted their target price on shares of CorMedix from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Finally, Wall Street Zen cut shares of CorMedix from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $17.86.

Insider Activity

In related news, CEO Joseph Todisco sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $12.00, for a total transaction of $360,000.00. Following the completion of the sale, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Myron Kaplan bought 25,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The shares were acquired at an average cost of $11.02 per share, with a total value of $275,500.00. Following the completion of the transaction, the director owned 201,034 shares in the company, valued at approximately $2,215,394.68. The trade was a 14.20% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 90,000 shares of company stock worth $1,095,200. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CorMedix by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock worth $222,000 after purchasing an additional 1,631 shares during the period. Rhumbline Advisers increased its position in CorMedix by 7.7% in the first quarter. Rhumbline Advisers now owns 81,565 shares of the company’s stock worth $502,000 after buying an additional 5,818 shares during the last quarter. Swedbank AB bought a new stake in shares of CorMedix in the first quarter valued at $1,540,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of CorMedix by 5.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company’s stock valued at $338,000 after buying an additional 1,478 shares during the last quarter. Finally, ARS Wealth Advisors Group LLC bought a new position in shares of CorMedix during the 2nd quarter worth $123,000. 34.18% of the stock is owned by institutional investors.

CorMedix Trading Up 0.4%

The firm has a fifty day moving average of $10.70 and a two-hundred day moving average of $11.45. The company has a market cap of $558.62 million, a PE ratio of 3.44 and a beta of 1.36. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.78. The firm had revenue of $104.28 million during the quarter, compared to analyst estimates of $65.63 million. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The company’s quarterly revenue was up 810.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.05) earnings per share. As a group, sell-side analysts predict that CorMedix Inc will post -0.32 EPS for the current year.

CorMedix Company Profile

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.