CorMedix (NASDAQ:CRMD) CEO Sells $360,000.00 in Stock

CorMedix Inc (NASDAQ:CRMD) CEO Joseph Todisco sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $12.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. The trade was a 5.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

CorMedix Price Performance

Shares of CRMD opened at $12.02 on Monday. The company has a market cap of $947.06 million, a P/E ratio of 5.83 and a beta of 1.32. CorMedix Inc has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39. The firm’s 50 day moving average price is $10.84 and its 200 day moving average price is $11.89.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $0.48 by $0.78. CorMedix had a net margin of 75.83% and a return on equity of 51.77%. The business had revenue of $104.28 million during the quarter, compared to the consensus estimate of $65.63 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was up 810.2% compared to the same quarter last year. On average, research analysts forecast that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CRMD shares. HC Wainwright increased their price target on CorMedix from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Zacks Research upgraded shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Wall Street Zen downgraded shares of CorMedix from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. D Boral Capital upgraded shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of CorMedix in a report on Tuesday, September 9th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $18.33.

Hedge Funds Weigh In On CorMedix

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of CorMedix by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company’s stock worth $22,463,000 after buying an additional 268,360 shares during the last quarter. Marshall Wace LLP raised its stake in CorMedix by 34.6% during the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock worth $40,397,000 after acquiring an additional 893,518 shares in the last quarter. Deerfield Management Company L.P. purchased a new stake in CorMedix in the third quarter valued at $38,656,000. Geode Capital Management LLC lifted its position in CorMedix by 11.4% in the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock valued at $19,669,000 after acquiring an additional 163,403 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its stake in CorMedix by 68.4% in the third quarter. Alyeska Investment Group L.P. now owns 1,262,979 shares of the company’s stock valued at $14,688,000 after acquiring an additional 512,979 shares in the last quarter. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.