Bank of New York Mellon Corp Grows Holdings in CorMedix Inc. (NASDAQ:CRMD)

Bank of New York Mellon Corp raised its position in shares of CorMedix Inc. (NASDAQ:CRMD) by 8.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 129,695 shares of the company’s stock after purchasing an additional 9,782 shares during the quarter. Bank of New York Mellon Corp owned 0.21% of CorMedix worth $1,051,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRMD. JPMorgan Chase & Co. lifted its stake in shares of CorMedix by 685.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock valued at $1,568,000 after buying an additional 169,397 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of CorMedix by 1,398.2% in the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock valued at $1,355,000 after acquiring an additional 156,086 shares in the last quarter. Wingate Wealth Advisors Inc. bought a new position in shares of CorMedix in the fourth quarter worth about $1,021,000. Wellington Management Group LLP grew its position in shares of CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares in the last quarter. Finally, Parallax Volatility Advisers L.P. purchased a new stake in shares of CorMedix during the third quarter worth about $648,000. 34.18% of the stock is currently owned by institutional investors.

CorMedix Price Performance

Shares of NASDAQ CRMD opened at $10.77 on Tuesday. CorMedix Inc. has a 1 year low of $3.61 and a 1 year high of $13.85. The firm has a 50-day simple moving average of $10.84 and a two-hundred day simple moving average of $9.91. The company has a market cap of $653.49 million, a P/E ratio of -13.30 and a beta of 1.53.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Royal Bank of Canada boosted their price target on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. D. Boral Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of CorMedix in a research note on Wednesday, March 5th. Finally, Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

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.