CorMedix (NASDAQ:CRMD) Trading 6.1% Higher – Should You Buy?

CorMedix Inc. (NASDAQ:CRMD) was up 6.1% during mid-day trading on Thursday . The company traded as high as $12.69 and last traded at $12.63. Approximately 1,052,446 shares were traded during trading, a decline of 35% from the average daily volume of 1,617,694 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Truist Financial lifted their price objective on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Needham & Company LLC increased their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. D. Boral Capital started coverage on CorMedix in a research report on Monday, January 13th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, StockNews.com upgraded CorMedix to a “sell” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.67.

CorMedix Price Performance

The stock has a market capitalization of $738.48 million, a price-to-earnings ratio of -15.02 and a beta of 1.56. The stock has a 50 day moving average price of $9.76 and a 200-day moving average price of $7.95.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the previous year, the business posted ($0.17) EPS. As a group, research analysts forecast that CorMedix Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’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 completion of the sale, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. This represents a 75.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRMD. FMR LLC increased its position in CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of CorMedix during the 4th quarter worth approximately $81,000. AlphaMark Advisors LLC purchased a new stake in shares of CorMedix during the 3rd quarter valued at approximately $97,000. BNP Paribas Financial Markets lifted its holdings in CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after acquiring an additional 6,761 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after acquiring an additional 2,700 shares during the period. Hedge funds and other institutional investors 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.