Balyasny Asset Management L.P. Buys New Stake in CorMedix Inc. (NASDAQ:CRMD)

Balyasny Asset Management L.P. purchased a new position in shares of CorMedix Inc. (NASDAQ:CRMD - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 44,270 shares of the company's stock, valued at approximately $359,000. Balyasny Asset Management L.P. owned approximately 0.07% of CorMedix at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CRMD. Vanguard Group Inc. boosted its stake in CorMedix by 10.1% during the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company's stock valued at $27,363,000 after buying an additional 309,514 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of CorMedix by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company's stock valued at $11,284,000 after buying an additional 108,356 shares in the last quarter. Northern Trust Corp lifted its position in shares of CorMedix by 14.4% during the 4th quarter. Northern Trust Corp now owns 511,565 shares of the company's stock valued at $4,144,000 after acquiring an additional 64,243 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of CorMedix by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 273,218 shares of the company's stock worth $2,213,000 after acquiring an additional 79,110 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of CorMedix by 11.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 174,418 shares of the company's stock worth $1,413,000 after acquiring an additional 17,869 shares during the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRMD. StockNews.com raised CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a report on Friday, March 7th. D. Boral Capital reissued a "buy" rating and issued a $15.00 target price on shares of CorMedix in a research report on Tuesday, May 6th. Royal Bank of Canada reissued an "outperform" rating and set a $12.00 price target on shares of CorMedix in a research report on Wednesday, March 26th. Finally, Needham & Company LLC upped their target price on CorMedix from $12.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $15.00.

CorMedix Stock Performance

Shares of CRMD remained flat at $12.29 during mid-day trading on Thursday. 185,451 shares of the stock traded hands, compared to its average volume of 1,153,258. CorMedix Inc. has a 52 week low of $3.61 and a 52 week high of $13.85. The firm's fifty day simple moving average is $9.00 and its two-hundred day simple moving average is $9.79. The firm has a market capitalization of $833.57 million, a PE ratio of -15.17 and a beta of 1.54.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. The company had revenue of $39.08 million for the quarter, compared to the consensus estimate of $38.90 million. During the same quarter last year, the business earned ($0.25) earnings per share. As a group, equities research analysts forecast that CorMedix Inc. will post -0.32 EPS for the current 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.