CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume – What’s Next?

Shares of CorMedix Inc. (NASDAQ:CRMD) saw an uptick in trading volume on Wednesday . 1,177,476 shares were traded during mid-day trading, an increase of 61% from the previous session’s volume of 733,563 shares.The stock last traded at $11.31 and had previously closed at $11.07.

Wall Street Analysts Forecast Growth

CRMD has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th. Truist Financial boosted their target price on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC upped their price target on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Rodman & Renshaw began coverage on CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 price objective on the stock. Finally, StockNews.com upgraded CorMedix to a “sell” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CorMedix has a consensus rating of “Moderate Buy” and an average target price of $15.20.

CorMedix Trading Down 3.8 %

The stock has a market cap of $626.82 million, a price-to-earnings ratio of -13.26 and a beta of 1.58. The firm has a fifty day simple moving average of $9.80 and a 200 day simple moving average of $6.65.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to analyst estimates of $11.00 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. On average, equities analysts expect that CorMedix Inc. will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. The trade was a 75.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Several institutional investors and hedge funds have recently made changes to their positions in CRMD. Geode Capital Management LLC increased its holdings in CorMedix by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after purchasing an additional 13,171 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of CorMedix by 130.7% in the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after buying an additional 102,527 shares in the last quarter. State Street Corp raised its holdings in shares of CorMedix by 0.8% in the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after buying an additional 10,204 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new position in CorMedix during the 3rd quarter worth about $648,000. Finally, BNP Paribas Financial Markets grew its holdings in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after acquiring an additional 6,761 shares during the last quarter. Institutional investors and hedge funds own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.