CorMedix (NASDAQ:CRMD) Shares Gap Up – Here’s Why

CorMedix Inc. (NASDAQ:CRMD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.93, but opened at $10.13. CorMedix shares last traded at $9.62, with a volume of 1,618,702 shares trading hands.

Analyst Ratings Changes

CRMD has been the topic of several research analyst reports. StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. Needham & Company LLC increased their target price on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada boosted their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Finally, Truist Financial increased their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and a consensus price target of $15.80.

CorMedix Stock Up 5.0 %

The firm has a 50 day moving average price of $9.58 and a 200 day moving average price of $7.62. The stock has a market cap of $655.92 million, a P/E ratio of -13.35 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $11.46 million for the quarter, compared to analysts’ expectations of $11.00 million. During the same period in the prior year, the firm earned ($0.17) EPS. Equities analysts predict that CorMedix Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at CorMedix

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.20% of the company’s stock.

Institutional Trading of CorMedix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after purchasing an additional 169,397 shares in the last quarter. Geode Capital Management LLC grew its holdings in CorMedix by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after buying an additional 13,171 shares in the last quarter. Wellington Management Group LLP increased its stake in CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after acquiring an additional 102,527 shares during the last quarter. State Street Corp raised its holdings in shares of CorMedix by 0.8% during 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 in the last quarter. Finally, Parallax Volatility Advisers L.P. bought a new position in shares of CorMedix during the 3rd quarter valued at approximately $648,000. 34.18% of the stock is currently owned by institutional investors.

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.