CorMedix (NASDAQ:CRMD) Trading Down 7.4% - Time to Sell?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report)'s share price traded down 7.4% on Thursday . The company traded as low as $10.30 and last traded at $10.16. 207,424 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,059,790 shares. The stock had previously closed at $10.97.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRMD. D. Boral Capital reiterated a "buy" rating and set a $15.00 price target on shares of CorMedix in a report on Wednesday, March 5th. Leerink Partners began 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. 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. Finally, Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a report on Friday, March 7th. One equities research 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.00.

CorMedix Stock Up 0.6 %

The company's 50 day moving average price is $10.79 and its 200 day moving average price is $9.71. The firm has a market capitalization of $639.23 million, a price-to-earnings ratio of -13.01 and a beta of 1.53.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of CorMedix by 10.1% during the fourth 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 last quarter. Elliott Investment Management L.P. raised its holdings in shares of CorMedix by 85.1% during the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company's stock worth $23,252,000 after purchasing an additional 1,320,109 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of CorMedix by 8.4% during the fourth quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company's stock worth $11,284,000 after purchasing an additional 108,356 shares during the last quarter. State Street Corp raised its holdings in shares of CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company's stock worth $9,904,000 after purchasing an additional 10,204 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in CorMedix by 14.4% in the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company's stock valued at $4,144,000 after buying an additional 64,243 shares in the last quarter. Hedge funds and other institutional investors own 34.18% of the company's stock.

Remove Ads

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.