Elliott Investment Management LP recently announced the acquisition of new stake in CorMedix Inc. (AMEX:CRMD). The institutional investor has increased its shareholding in the Healthcare company by 110.99% to 1.76 million shares with purchase of 0.93 million shares. This fresh investment now brings its stake to 5.75% valued currently at $7.82 million. In addition, BlackRock Fund Advisors raised its holdings by 34862.0 to 1.6 million shares. And The Vanguard Group, Inc. has lifted its position by 1.76% or 19992.0 shares – to 1.16 million shares.
With over 1.54 million CorMedix Inc. (CRMD) shares trading Monday and a closing price of $4.67 on the day, the dollar volume was approximately $7.19 million. The shares have shown a negative weekly performance of -1.68% and its price on 08/31/20 lost nearly -3.31%. Currently, there are 31.24M common shares owned by the public and among those 28.82M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for CRMD have a consensus price objective of $10.50. The analysts have set the share’s price value over the next 12 months at a high of $11.00 and a low of $10.00 should the stock experience a downside. Incidentally, analysts’ outlook for the CorMedix Inc. stock is 2.00 for the next 12 months. But an upside of 57.55% will see the stock hit the forecast high price target while mean target price for the stock is $10.50.
Insiders at the company have transacted a total of 22 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 154,280 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in CorMedix Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.75 million shares of the company’s stock, all valued at over $3.35 million. The company bought an additional 73100.0 shares recently to bring their total holdings to about 2.46% of the shares outstanding. iShares Russell 2000 ETF sold 24514.0 shares to see its total holdings shrink to 0.52 million shares valued at over $2.33 million and representing 1.71% of the shares outstanding. Vanguard Extended Market Index Fu now owns shares totaling to 1.23% of the shares outstanding.
Shares of CorMedix Inc. (AMEX: CRMD) opened at $4.93, up $0.1 from a prior closing price of $4.83. However, the script later closed the day at $4.67, down -3.31%. The company’s stock has a 5-day price change of -1.68% and 0.21% over the past three months. CRMD shares are trading -35.85% year to date (YTD), with the 12-month market performance down to -39.19% lower. It has a 12-month low price of $2.16 and touched a high of $8.64 over the same period. Currently, 1.54 million shares have been traded, compared to an average intraday trading volume of 383.27K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.08%, -11.68%, and -12.72% respectively.
Institutional ownership of CorMedix Inc. (AMEX: CRMD) shares accounts for 21.80% of the company’s 31.24M shares outstanding. Mutual fund holders own 14.61%, while other institutional holders and individual stakeholders account for 3.86% and 10.21% respectively.
It has a market capitalization of $141.92M and a beta (3y monthly) value of 2.66. The earnings-per-share (ttm) stands at -$1.91. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.34% over the week and 7.67% over the month.
Analysts forecast that CorMedix Inc. (CRMD) will achieve an EPS of -$0.23 for the current quarter, -$0.26 for the next quarter and -$0.95 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.25 while analysts give the company a high EPS estimate of -$0.22. Comparatively, EPS for the current quarter was -$1.35 a year ago. Earnings per share for the fiscal year are expected to decrease by -19.70%, and -10.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate CorMedix Inc. (CRMD) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRMD, a number of firms have released research notes about the stock. B. Riley FBR stated their Buy rating for the stock in a research note on December 18, 2019, with the firm’s price target at $48. H.C. Wainwright coverage for the CorMedix Inc. (CRMD) stock in a research note released on March 26, 2019 offered a Buy rating with a price target of $15. ROTH Capital was of a view on December 06, 2018 that the stock is Buy, while H.C. Wainwright gave the stock Buy rating on September 25, 2017, issuing a price target of $3- $4. Rodman & Renshaw on their part issued Buy rating on August 10, 2017.