CorMedix (NASDAQ:CRMD) Stock Price Down 2.6% – Time to Sell?

CorMedix Inc. (NASDAQ:CRMD) shares were down 2.6% during trading on Friday . The company traded as low as $8.51 and last traded at $8.64. Approximately 168,787 shares traded hands during trading, a decline of 77% from the average daily volume of 744,892 shares. The stock had previously closed at $8.87.

Analyst Upgrades and Downgrades

CRMD has been the topic of several analyst reports. StockNews.com upgraded CorMedix to a “sell” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their price objective on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday. Rodman & Renshaw initiated coverage on shares of CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 target price on the stock. Needham & Company LLC increased their target price on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Truist Financial boosted 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. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.80.

CorMedix Stock Performance

The company’s 50-day moving average is $10.35 and its 200-day moving average is $7.27. The firm has a market cap of $520.00 million, a price-to-earnings ratio of -10.58 and a beta of 1.54.

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

Insider Buying and Selling at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly 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 document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Several institutional investors have recently modified their holdings of the business. FMR LLC boosted its stake in CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after acquiring an additional 1,625 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of CorMedix in the 2nd quarter worth $44,000. AlphaMark Advisors LLC acquired a new stake in shares of CorMedix during the third quarter worth $97,000. BNP Paribas Financial Markets increased 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 purchasing an additional 6,761 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.