CorMedix (NASDAQ:CRMD) Stock Falls 8.3% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

CorMedix Price Performance

The business’s fifty day moving average price is $7.80 and its 200-day moving average price is $7.66. 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 company has a market capitalization of $444.28 million, a P/E ratio of 2.66, a P/E/G ratio of 1.41 and a beta of 1.40.

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

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently made changes to their positions in the company. Gryphon Financial Partners LLC grew its holdings in CorMedix by 6.3% in the first quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock worth $186,000 after purchasing an additional 1,618 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of CorMedix by 13.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 14,222 shares of the company’s stock valued at $113,000 after purchasing an additional 1,736 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of CorMedix by 8.2% during the second quarter. HighTower Advisors LLC now owns 32,655 shares of the company’s stock valued at $256,000 after purchasing an additional 2,476 shares during the last quarter. Sigma Planning Corp lifted its holdings in shares of CorMedix by 8.5% during the third quarter. Sigma Planning Corp now owns 32,142 shares of the company’s stock valued at $247,000 after purchasing an additional 2,531 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of CorMedix in the 3rd quarter worth approximately $31,000. 34.18% of the stock is currently owned by institutional investors.

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.