CorMedix (NASDAQ:CRMD) Sees Strong Trading Volume After Earnings Beat

Shares of CorMedix Inc. (NASDAQ:CRMD) saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 3,436,993 shares were traded during mid-day trading, an increase of 220% from the previous session’s volume of 1,074,103 shares.The stock last traded at $11.38 and had previously closed at $11.16.

The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. The business had revenue of $39.08 million during the quarter, compared to analysts’ expectations of $38.90 million. During the same period in the prior year, the firm posted ($0.25) EPS.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRMD. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $12.00 price target on shares of CorMedix in a research note on Wednesday, March 26th. StockNews.com raised shares of CorMedix from a “sell” rating to a “hold” rating in a research note on Tuesday, April 1st. Leerink Partners initiated coverage on CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 price objective for the company. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of CorMedix in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $15.00.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently added to or reduced their stakes in CRMD. JPMorgan Chase & Co. raised its holdings in CorMedix by 685.5% in the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after buying an additional 169,397 shares during the period. Bank of New York Mellon Corp raised its stake in shares of CorMedix by 8.2% in the 4th quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company’s stock valued at $1,051,000 after acquiring an additional 9,782 shares during the period. Barclays PLC lifted its holdings in shares of CorMedix by 35.6% during the 4th quarter. Barclays PLC now owns 105,602 shares of the company’s stock valued at $855,000 after acquiring an additional 27,732 shares in the last quarter. New York State Common Retirement Fund boosted its position in CorMedix by 1,398.2% during the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock worth $1,355,000 after purchasing an additional 156,086 shares during the period. Finally, AlphaQuest LLC acquired a new stake in CorMedix in the 4th quarter valued at $115,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

The firm has a 50-day simple moving average of $8.64 and a 200 day simple moving average of $9.77. The company has a market capitalization of $788.97 million, a PE ratio of -14.36 and a beta of 1.54.

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.