CorMedix (NASDAQ:CRMD) Shares Gap Down - Time to Sell?

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $10.77, but opened at $8.69. CorMedix shares last traded at $8.75, with a volume of 6,835,180 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRMD shares. D. Boral Capital reaffirmed a "buy" rating and set a $15.00 price target on shares of CorMedix in a research note on Tuesday. Leerink Partnrs raised shares of CorMedix to a "strong-buy" rating in a research report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $12.00 target price on shares of CorMedix in a research report on Wednesday. Leerink Partners assumed 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. Finally, Needham & Company LLC reduced their price objective on shares of CorMedix from $18.00 to $12.00 and set a "buy" rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.14.

CorMedix Price Performance

The stock's 50 day moving average price is $10.43 and its two-hundred day moving average price is $9.91. The firm has a market capitalization of $408.96 million, a price-to-earnings ratio of -8.32 and a beta of 1.53.

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CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $27.46 million. The business's revenue for the quarter was up 29900.0% compared to the same quarter last year. As a group, equities research analysts anticipate that CorMedix Inc. will post -0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRMD. Intech Investment Management LLC acquired a new stake in CorMedix during the third quarter worth about $119,000. FMR LLC raised its holdings in shares of CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company's stock worth $37,000 after buying an additional 1,625 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company's stock worth $97,000 after buying an additional 6,761 shares during the period. Parallax Volatility Advisers L.P. acquired a new stake in CorMedix in the 3rd quarter valued at $648,000. Finally, State Street Corp grew its position in CorMedix by 0.8% in 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 period. 34.18% of the stock is owned by institutional investors.

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.