Fmr LLC Increases Position in CorMedix Inc. (NASDAQ:CRMD)

Fmr LLC increased its holdings in CorMedix Inc. (NASDAQ:CRMD) by 54.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,618 shares of the company’s stock after purchasing an additional 1,625 shares during the quarter. Fmr LLC’s holdings in CorMedix were worth $37,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in shares of CorMedix during the 2nd quarter worth approximately $44,000. AlphaMark Advisors LLC purchased a new stake in CorMedix in the 3rd quarter worth $97,000. The Manufacturers Life Insurance Company raised its position in CorMedix by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after acquiring an additional 2,700 shares during the period. Palumbo Wealth Management LLC purchased a new position in CorMedix during the third quarter valued at $100,000. Finally, Intech Investment Management LLC acquired a new stake in shares of CorMedix in the third quarter valued at about $119,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Insider Buying and Selling

In other news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the sale, the executive vice president now owns 45,397 shares of the company’s stock, valued at $507,538.46. This represents a 75.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 5.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CRMD has been the subject of several research analyst reports. Needham & Company LLC upped their price target on shares of CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price target on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Truist Financial increased their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.80.

CorMedix Price Performance

Shares of CorMedix stock opened at $8.33 on Thursday. The stock’s 50 day simple moving average is $10.28 and its 200-day simple moving average is $7.33. The stock has a market cap of $505.44 million, a P/E ratio of -10.28 and a beta of 1.54. CorMedix Inc. has a 1-year low of $2.89 and a 1-year high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. As a group, research analysts expect that CorMedix Inc. will post -0.46 EPS for the current fiscal 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.