Renaissance Technologies LLC Decreases Stake in CorMedix Inc. (NASDAQ:CRMD)

Renaissance Technologies LLC lessened its holdings in shares of CorMedix Inc. (NASDAQ:CRMD) by 32.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,734 shares of the company’s stock after selling 77,925 shares during the period. Renaissance Technologies LLC owned 0.29% of CorMedix worth $696,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRMD. Principal Financial Group Inc. purchased a new stake in shares of CorMedix in the second quarter valued at approximately $44,000. Tidal Investments LLC purchased a new position in shares of CorMedix during the 1st quarter worth $60,000. Price T Rowe Associates Inc. MD boosted its position in shares of CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after acquiring an additional 2,562 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after purchasing an additional 11,339 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares during the last quarter. Institutional investors and hedge funds own 34.18% of the company’s stock.

Wall Street Analysts Forecast Growth

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

CorMedix Price Performance

Shares of CorMedix stock opened at $9.67 on Wednesday. The stock has a market capitalization of $531.45 million, a price-to-earnings ratio of -10.40 and a beta of 1.61. The business has a 50-day moving average of $6.18 and a 200 day moving average of $5.35. CorMedix Inc. has a 12 month low of $2.57 and a 12 month high of $9.79.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to analysts’ expectations of $0.75 million. During the same period in the previous year, the business posted ($0.25) EPS. Equities research analysts anticipate that CorMedix Inc. will post -0.58 earnings per share for the current year.

CorMedix 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.