Key Points
- CEO Joseph Todisco sold 30,000 shares on December 18 at an average of $12.00 for $360,000, cutting his stake by 5.56% to 509,496 shares valued at about $6.11 million.
- Strong quarterly results: CorMedix reported $1.26 EPS vs. $0.48 expected and revenue of $104.28M (up 810% YoY), with a 75.8% net margin and a market cap near $947M.
- Analyst and institutional interest: The stock carries a consensus "Buy" with an average target of $18.33, and institutional ownership is about 34.18% after large position increases by firms like Marshall Wace.
CorMedix Inc (NASDAQ:CRMD - Get Free Report) CEO Joseph Todisco sold 30,000 shares of the company's stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $12.00, for a total transaction of $360,000.00. Following the sale, the chief executive officer owned 509,496 shares of the company's stock, valued at $6,113,952. This trade represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
CorMedix Price Performance
NASDAQ CRMD opened at $12.02 on Friday. The stock has a 50-day simple moving average of $10.84 and a 200 day simple moving average of $11.90. CorMedix Inc has a twelve month low of $5.60 and a twelve month high of $17.43. The stock has a market capitalization of $947.06 million, a PE ratio of 5.83 and a beta of 1.32. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94.
CorMedix (NASDAQ:CRMD - Get Free Report) last issued 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. The company had revenue of $104.28 million for the quarter, compared to the consensus estimate of $65.63 million. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The company's revenue for the quarter was up 810.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. Research analysts anticipate that CorMedix Inc will post -0.32 EPS for the current year.
Institutional Investors Weigh In On CorMedix
Several hedge funds and other institutional investors have recently made changes to their positions in CRMD. Swedbank AB acquired a new position in shares of CorMedix during the 1st quarter worth about $1,540,000. Marshall Wace LLP raised its stake in CorMedix by 1,019.2% during the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock worth $31,785,000 after buying an additional 2,349,451 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in CorMedix during the second quarter worth about $270,000. Geode Capital Management LLC lifted its holdings in CorMedix by 11.4% during the second quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company's stock worth $19,669,000 after acquiring an additional 163,403 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in CorMedix by 93.5% in the second quarter. New York State Common Retirement Fund now owns 297,463 shares of the company's stock valued at $3,665,000 after acquiring an additional 143,700 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. HC Wainwright upped their price objective on shares of CorMedix from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 13th. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price target on shares of CorMedix in a report on Tuesday, September 9th. Wall Street Zen cut CorMedix from a "buy" rating to a "hold" rating in a research report on Saturday, November 15th. D. Boral Capital reaffirmed a "buy" rating and issued a $14.00 target price on shares of CorMedix in a research report on Thursday. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of CorMedix in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $18.33.
Get Our Latest Stock Analysis on CorMedix
About CorMedix
(
Get Free Report)
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.
Further Reading
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