CorMedix, Inc. (CRMD) Price Analysis: CRMD Needs To Hold Tight Above These Levels

CorMedix, Inc. (NYSE:CRMD) reaches $188.25M market cap as shares jumped 22.22% in recent session. It closed at $1.65, after slipping as low as $1.36 through the day. The shares were pushed to an intraday high Thursday at $1.69. Trading activity significantly improved as the volume at ready counter increased to 8,122,087 shares versus 2,519,865 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 2,757,380 shares. The stock is now 870.59% above against its bear-market low of $0.17 on May 22, 2018. It has retreated -45.45% since it’s 52-week high of $2.4 reached in October. Now the market price is up 168.29% on the year and up 228.69% YTD.

CRMD’s 50 day simple moving average (SMA 50) price is $1.29 and its 200-day simple moving average (SMA 200) price is $0.58. The company’s stock currently has a total float of 100.8M shares. Its weekly volatility is hovering around 13.05% and felt 14.06% volatility in price over a month. On the upside, the share price will test short term resistance at around $1.77. On a downside, the stock is likely to find some support, which begins at $1.44. The failure to get near-term support could push it to $1.24.

Separately, it has been reported that multiple insider activity took place at CorMedix, Inc. (CRMD). Exec VP of Tech Operations Armstrong Jr. John L. acquired 250,000 shares for $288,861 in transaction occurred on 2018/11/29. After making this transaction, the Exec VP of Tech Operations owns a direct stake of 362,500 shares, worth $476,621, as per the last closing price. On 2018/11/27 Cook Robert W., CFO at CRMD, purchased 25,000 shares at an average price of $1.17 per share. The new stake is valued at $209,687.

CEO, Baluch Khoso had invested in 25,000 shares for $228,873 through a trade on 2018/11/26. Following this activity, the insider holds 30,500 shares worth $377,641 as of recent close. Wall Street’s most bullish CorMedix, Inc. (NYSE:CRMD) analysts are predicting the share price to blow past $3 per share during the next 12 months. The current median share price forecast by them is $3, suggesting that the stock could increase 81.82% in that time frame. The average price target of $3 calls for a nearly 81.82% increase in the stock price.

It had seen a new analyst call from ROTH Capital, which initiated the stock at Buy on December 06. Analysts at H.C. Wainwright, maintained the company shares at Buy on September 25 but switched target price from $3 to $4. Brokerage firm Rodman & Renshaw, looks cautious as they stick to prior recommendation of Buy, in a call on August 10. However, they did change the target price from $5 to $3. Rodman & Renshaw, reiterated their call for Buy, on May 05. On the other hand, they had set new target price to $5 versus $6.

It’s also not liquid in the near term, with a current ratio of 0.4. The stock has a debt/capital of 0.

Shares of CorMedix, Inc. (CRMD) have gained 19.5% since the company’s Jun-15 earnings report. Over the past 10 fiscal quarters, CorMedix, Inc. (NYSE:CRMD) has topped consensus earnings estimates in 3 quarters (25%), missed earnings in 6 quarters (50%), whereas at 1 occasion EPS met analyst expectations. CRMD last reported earnings on November 14, 2018 when it released Jun-15 results that receded expectations. The company raked in -$0.13 per share, -99.28% change on the same period last year. That was worse than consensus for -$0.11. Revenue for the recent quarter stood at $120000, up 200% on last year and below the $140000 predicted by analysts.