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

CorMedix Inc. (NASDAQ:CRMD) shares 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.

Analyst Ratings Changes

Several equities analysts have recently commented on CRMD shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $12.00 price target on shares of CorMedix in a research report on Wednesday. Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Leerink Partners assumed coverage on CorMedix in a research note on Friday, March 7th. They set an “outperform” rating and a $18.00 price objective on the stock. D. Boral Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of CorMedix in a report on Tuesday. Finally, Needham & Company LLC dropped their target price on shares of CorMedix from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $15.14.

CorMedix Price Performance

The firm’s fifty day moving average price is $10.66 and its 200-day moving average price is $9.90. The company has a market cap of $407.14 million, a price-to-earnings ratio of -8.28 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.17 by $0.05. The firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. The business’s revenue for the quarter was up 29900.0% on a year-over-year basis. As a group, equities analysts forecast that CorMedix Inc. will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of CorMedix by 10.1% during the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock valued at $27,363,000 after purchasing an additional 309,514 shares in the last quarter. Elliott Investment Management L.P. raised its position in shares of CorMedix by 85.1% during the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after buying an additional 1,320,109 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of CorMedix by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company’s stock valued at $11,284,000 after acquiring an additional 108,356 shares in the last quarter. State Street Corp increased its stake in shares of CorMedix by 0.8% during 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. Finally, Northern Trust Corp raised its holdings in CorMedix by 14.4% during the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company’s stock worth $4,144,000 after purchasing an additional 64,243 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

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.