CorMedix (NASDAQ:CRMD) Sees Unusually-High Trading Volume – Here’s Why

CorMedix Inc. (NASDAQ:CRMD) saw strong trading volume on Thursday . 1,180,118 shares changed hands during mid-day trading, an increase of 81% from the previous session’s volume of 652,270 shares.The stock last traded at $12.10 and had previously closed at $12.35.

Analysts Set New Price Targets

CRMD has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of CorMedix in a research report on Thursday, August 15th. Royal Bank of Canada restated an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Truist Financial upped their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Rodman & Renshaw assumed coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CorMedix presently has a consensus rating of “Buy” and an average price target of $13.60.

CorMedix Stock Down 0.9 %

The stock has a market capitalization of $672.70 million, a PE ratio of -12.52 and a beta of 1.61. The business’s 50-day moving average is $7.62 and its two-hundred day moving average is $5.84.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.01. The firm had revenue of $0.81 million during the quarter, compared to analysts’ expectations of $0.75 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. As a group, analysts anticipate that CorMedix Inc. will post -0.58 EPS for the current year.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently modified their holdings of CRMD. Wealth Enhancement Advisory Services LLC raised its position in CorMedix by 10.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after purchasing an additional 4,935 shares during the last quarter. AlphaMark Advisors LLC acquired a new position in CorMedix in the third quarter valued at $97,000. Creative Planning purchased a new stake in shares of CorMedix in the third quarter valued at about $129,000. SG Americas Securities LLC acquired a new stake in shares of CorMedix during the third quarter worth about $152,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of CorMedix during the second quarter worth about $138,000. 34.18% of the stock is currently owned by hedge funds and other 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.