Principal Financial Group Inc. Acquires Shares of 10,229 CorMedix Inc. (NASDAQ:CRMD)

Principal Financial Group Inc. bought a new position in shares of CorMedix Inc. (NASDAQ:CRMD) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,229 shares of the company’s stock, valued at approximately $44,000.

A number of other large investors also recently modified their holdings of CRMD. Vanguard Group Inc. raised its position in CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after purchasing an additional 102,851 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of CorMedix by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after buying an additional 25,677 shares during the period. Steward Partners Investment Advisory LLC raised its position in shares of CorMedix by 3.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 138,008 shares of the company’s stock worth $519,000 after acquiring an additional 4,195 shares during the last quarter. Jump Financial LLC acquired a new position in shares of CorMedix during the fourth quarter valued at $266,000. Finally, Beacon Pointe Advisors LLC bought a new position in CorMedix in the fourth quarter valued at about $90,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on CRMD shares. Truist Financial lowered their target price on shares of CorMedix from $14.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Rodman & Renshaw began coverage on shares of CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a report on Thursday, August 15th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of CorMedix in a research report on Thursday, August 15th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $12.60.

CorMedix Trading Up 1.6 %

CRMD opened at $7.06 on Tuesday. The company has a market cap of $388.01 million, a P/E ratio of -7.59 and a beta of 1.59. CorMedix Inc. has a 1-year low of $2.57 and a 1-year high of $7.14. The company’s 50 day moving average is $5.12 and its 200-day moving average is $4.87.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.01. The firm had revenue of $0.81 million for the quarter, compared to the consensus estimate of $0.75 million. During the same quarter in the previous year, the business posted ($0.25) EPS. On average, equities analysts forecast that CorMedix Inc. will post -0.58 EPS for the current year.

About CorMedix

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.