CorMedix (NASDAQ:CRMD) Stock Price Up 2.5% – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD) traded up 2.5% during trading on Wednesday . The stock traded as high as $11.00 and last traded at $10.56. 589,790 shares were traded during trading, a decline of 62% from the average session volume of 1,551,921 shares. The stock had previously closed at $10.30.

Wall Street Analyst Weigh In

CRMD has been the subject of a number of research reports. Truist Financial increased 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. Royal Bank of Canada lifted their price objective on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. StockNews.com raised shares of CorMedix to a “sell” rating in a report on Friday, November 8th. Finally, Needham & Company LLC raised their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, CorMedix has an average rating of “Moderate Buy” and an average price target of $15.80.

CorMedix Stock Up 0.2 %

The company has a market capitalization of $626.19 million, a P/E ratio of -12.74 and a beta of 1.56. The company’s 50-day moving average is $9.57 and its two-hundred day moving average is $7.59.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the business posted ($0.17) EPS. On average, sell-side analysts predict that CorMedix Inc. will post -0.46 EPS for the current year.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the transaction, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. This trade represents a 75.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.20% of the stock is owned by insiders.

Hedge Funds Weigh In On CorMedix

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in CorMedix in the 2nd quarter worth approximately $44,000. Commonwealth Equity Services LLC grew its position in shares of CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after buying an additional 56,963 shares during the last quarter. Rhumbline Advisers increased its stake in shares of CorMedix by 18.0% during the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after buying an additional 11,339 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

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.