CorMedix (NASDAQ:CRMD) Sees Unusually-High Trading Volume – Should You Buy?

Shares of CorMedix Inc. (NASDAQ:CRMD) saw strong trading volume on Wednesday . 1,177,476 shares were traded during trading, an increase of 61% from the previous session’s volume of 733,563 shares.The stock last traded at $11.31 and had previously closed at $11.07.

Wall Street Analysts Forecast Growth

CRMD has been the topic of a number of analyst reports. Rodman & Renshaw began coverage on CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 price target on the stock. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Truist Financial boosted their target price on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Finally, Needham & Company LLC lifted their price target 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. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.20.

CorMedix Trading Down 3.8 %

The firm has a market capitalization of $626.82 million, a P/E ratio of -13.26 and a beta of 1.58. The business has a 50 day moving average of $9.80 and a 200-day moving average of $6.65.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same period in the prior year, the company earned ($0.17) EPS. On average, analysts anticipate that CorMedix Inc. will post -0.46 EPS 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 sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of CorMedix by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after acquiring an additional 13,171 shares in the last quarter. Wellington Management Group LLP boosted its position in CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares during the last quarter. State Street Corp grew its stake 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 purchasing an additional 10,204 shares in the last quarter. Parallax Volatility Advisers L.P. acquired a new position in shares of CorMedix during the 3rd quarter worth approximately $648,000. Finally, BNP Paribas Financial Markets raised its stake 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 purchasing an additional 6,761 shares in the last quarter. 34.18% of the stock is 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.