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 company traded as low as $10.30 and last traded at $10.16. Approximately 207,424 shares were traded during trading, a decline of 80% from the average daily volume of 1,059,790 shares. The stock had previously closed at $10.97.

Analyst Ratings Changes

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

CorMedix Stock Up 0.9 %

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

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in shares of CorMedix by 1.9% in the fourth quarter. Bank of America Corp DE now owns 60,115 shares of the company’s stock worth $487,000 after acquiring an additional 1,124 shares during the period. FMR LLC increased its stake in shares of CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after acquiring an additional 1,625 shares during the period. Nuveen Asset Management LLC grew its position in CorMedix by 1.0% during the fourth quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock valued at $1,393,000 after buying an additional 1,679 shares during the period. AlphaMark Advisors LLC grew its position in CorMedix by 16.7% during the fourth quarter. AlphaMark Advisors LLC now owns 14,000 shares of the company’s stock valued at $113,000 after buying an additional 2,000 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its position in CorMedix by 2.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 149,834 shares of the company’s stock valued at $1,214,000 after buying an additional 3,221 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.