Royce & Associates LP Cuts Stock Position in CorMedix Inc $CRMD

Royce & Associates LP cut its stake in CorMedix Inc (NASDAQ:CRMD) by 45.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 242,023 shares of the company’s stock after selling 199,289 shares during the quarter. Royce & Associates LP’s holdings in CorMedix were worth $2,815,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CRMD. Financial Management Professionals Inc. bought a new stake in CorMedix in the fourth quarter worth $25,000. Comerica Bank lifted its position in CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after buying an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in CorMedix in the second quarter worth $42,000. Caitong International Asset Management Co. Ltd lifted its position in CorMedix by 666.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock worth $51,000 after buying an additional 3,813 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in CorMedix in the third quarter worth $55,000. 34.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRMD has been the subject of a number of analyst reports. Royal Bank Of Canada restated an “outperform” rating and issued a $14.00 price target (up from $13.00) on shares of CorMedix in a research report on Tuesday, April 28th. Zacks Research upgraded CorMedix from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Citizens Jmp restated a “market outperform” rating and issued a $19.00 price target on shares of CorMedix in a research report on Tuesday, April 28th. D. Boral Capital restated a “buy” rating and issued a $14.00 price target on shares of CorMedix in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

CorMedix Stock Up 0.2%

NASDAQ:CRMD opened at $8.44 on Friday. CorMedix Inc has a twelve month low of $6.13 and a twelve month high of $17.43. The company has a market cap of $662.12 million, a price-to-earnings ratio of 3.96 and a beta of 1.46. The stock has a fifty day simple moving average of $7.42 and a 200-day simple moving average of $8.45. The company has a current ratio of 2.97, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.

CorMedix (NASDAQ:CRMD) last released its earnings results on Thursday, May 14th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.08. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The business had revenue of $127.43 million during the quarter, compared to the consensus estimate of $104.96 million. During the same period last year, the company earned $0.30 earnings per share. The business’s revenue for the quarter was up 226.1% compared to the same quarter last year. Analysts anticipate that CorMedix Inc will post 0.47 EPS for the current year.

CorMedix announced that its board has authorized a stock repurchase program on Monday, February 2nd that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.