CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume – Still a Buy?

CorMedix Inc. (NASDAQ:CRMD) saw strong trading volume on Wednesday . 1,177,476 shares changed hands 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

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a research note on Thursday, August 15th. Truist Financial increased their price target on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC upped their price objective on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Finally, Rodman & Renshaw assumed coverage on CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price objective for the company. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.20.

CorMedix Stock Down 2.5 %

The stock has a market capitalization of $654.70 million, a P/E ratio of -13.67 and a beta of 1.58. The firm has a fifty day moving average price of $9.73 and a two-hundred day moving average price of $6.62.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) 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 the consensus estimate of $11.00 million. During the same quarter in the prior year, the company posted ($0.17) EPS. Sell-side analysts anticipate that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Transactions at CorMedix

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

Institutional Investors Weigh In On CorMedix

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in CorMedix by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after acquiring an additional 102,851 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 during the last quarter. State Street Corp increased 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 worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Wellington Management Group LLP lifted its position 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 worth $1,462,000 after buying an additional 102,527 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in CorMedix by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after buying an additional 25,677 shares during the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

About CorMedix

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.