CorMedix (NASDAQ:CRMD) Trading Down 6.2% After Analyst Downgrade

Shares of CorMedix Inc (NASDAQ:CRMD) traded down 6.2% during 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 trading, a decline of 83% from the average session volume of 6,302,057 shares. The stock had previously closed at $7.63.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Truist Financial set a $16.00 price target on CorMedix in a research note on Thursday, January 8th. HC Wainwright lifted their price objective on CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. D. Boral Capital reiterated a “buy” rating and set a $14.00 target price on shares of CorMedix in a report on Thursday, January 8th. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, CorMedix has an average rating of “Buy” and a consensus target price of $17.86.

Insider Buying and Selling

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

Institutional Trading of CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the business. Deerfield Management Company L.P. acquired a new stake in CorMedix during the 3rd quarter valued at approximately $38,656,000. Marshall Wace LLP increased its position in shares of CorMedix by 1,019.2% in the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after purchasing an additional 2,349,451 shares during the last quarter. UBS Group AG raised its stake in shares of CorMedix by 295.3% in the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after purchasing an additional 814,964 shares in the last quarter. Jump Financial LLC bought a new position in shares of CorMedix during the third quarter worth about $9,003,000. Finally, Raymond James Financial Inc. grew its position in shares of CorMedix by 646.8% in the 3rd quarter. Raymond James Financial Inc. now owns 651,987 shares of the company’s stock worth $7,583,000 after acquiring an additional 564,688 shares in the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

CorMedix Stock Up 0.4%

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

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

About CorMedix

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.