Insider Selling: CorMedix Inc. (NASDAQ:CRMD) EVP Sells $1,565,501.86 in Stock

CorMedix Inc. (NASDAQ:CRMD) EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction dated 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 owns 45,397 shares of the company’s stock, valued at approximately $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 accessible through this link.

CorMedix Stock Down 3.0 %

Shares of CorMedix stock opened at $10.74 on Thursday. CorMedix Inc. has a twelve month low of $2.89 and a twelve month high of $13.85. The business has a 50-day moving average price of $9.73 and a 200 day moving average price of $6.62. The firm has a market cap of $651.67 million, a PE ratio of -13.32 and a beta of 1.58.

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

Institutional Trading of CorMedix

A number of large investors have recently modified their holdings of CRMD. Vanguard Group Inc. increased its stake in shares of CorMedix by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after purchasing an additional 102,851 shares in the last quarter. Geode Capital Management LLC grew its stake in CorMedix by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after acquiring an additional 13,171 shares during the period. State Street Corp grew its stake in CorMedix by 0.8% in the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after acquiring an additional 10,204 shares during the period. Wellington Management Group LLP boosted its holdings in shares of CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after acquiring an additional 25,677 shares in the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.