CorMedix (NASDAQ:CRMD) Stock Price Down 7.4% – Here’s What Happened

CorMedix Inc. (NASDAQ:CRMD)’s stock price was down 7.4% during trading on Thursday . The stock traded as low as $10.30 and last traded at $10.16. Approximately 207,424 shares changed hands during trading, a decline of 80% from the average daily volume of 1,059,790 shares. The stock had previously closed at $10.97.

Analysts Set New Price Targets

Several equities analysts recently commented on CRMD shares. Royal Bank of Canada upped their price target on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Leerink Partners started coverage on shares of CorMedix in a report on Friday, March 7th. They set an “outperform” rating and a $18.00 price target on the stock. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Finally, D. Boral Capital restated a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, CorMedix currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

CorMedix Trading Up 0.9 %

The firm’s 50-day moving average price is $10.79 and its two-hundred day moving average price is $9.66. The stock has a market cap of $635.29 million, a PE ratio of -12.93 and a beta of 1.53.

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of CorMedix by 10.1% in the 4th quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after purchasing an additional 309,514 shares during the period. Elliott Investment Management L.P. lifted its position in CorMedix by 85.1% during the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock valued at $23,252,000 after acquiring an additional 1,320,109 shares during the last quarter. Geode Capital Management LLC lifted its position in CorMedix by 8.4% during the fourth quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company’s stock valued at $11,284,000 after acquiring an additional 108,356 shares during the last quarter. State Street Corp lifted its position in CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after acquiring an additional 10,204 shares during the last quarter. Finally, Northern Trust Corp lifted its position in CorMedix by 14.4% during the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company’s stock valued at $4,144,000 after acquiring an additional 64,243 shares during the last quarter. Hedge funds and other institutional investors 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.