CorMedix Inc. (NASDAQ:CRMD) Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in shares of CorMedix Inc. (NASDAQ:CRMD) by 685.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,108 shares of the company’s stock after purchasing an additional 169,397 shares during the period. JPMorgan Chase & Co. owned 0.32% of CorMedix worth $1,568,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after buying an additional 1,625 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of CorMedix by 130.3% in the third quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after buying an additional 6,761 shares in the last quarter. AlphaMark Advisors LLC bought a new position in shares of CorMedix in the third quarter valued at $97,000. Palumbo Wealth Management LLC bought a new position in shares of CorMedix in the third quarter valued at $100,000. Finally, Intech Investment Management LLC bought a new position in shares of CorMedix in the third quarter valued at $119,000. Institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

CorMedix stock opened at $12.30 on Friday. The company’s fifty day simple moving average is $9.80 and its 200-day simple moving average is $8.15. CorMedix Inc. has a 12 month low of $2.89 and a 12 month high of $13.85. The stock has a market cap of $746.33 million, a P/E ratio of -15.18 and a beta of 1.56.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. On average, equities research analysts expect that CorMedix Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction 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 approximately $507,538.46. The trade was a 75.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRMD. Royal Bank of Canada upped their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Needham & Company LLC lifted their price objective 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. Truist Financial lifted their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Finally, D. Boral Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a research report on Wednesday. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.67.

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.