CorMedix Inc. (NASDAQ:CRMD) Shares Bought by Elliott Investment Management L.P.

Elliott Investment Management L.P. increased its position in CorMedix Inc. (NASDAQ:CRMD - Free Report) by 85.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,870,632 shares of the company's stock after purchasing an additional 1,320,109 shares during the quarter. CorMedix makes up about 0.1% of Elliott Investment Management L.P.'s portfolio, making the stock its 23rd biggest position. Elliott Investment Management L.P. owned approximately 4.73% of CorMedix worth $23,252,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG lifted its holdings in CorMedix by 61.5% during the fourth quarter. Deutsche Bank AG now owns 46,660 shares of the company's stock worth $378,000 after buying an additional 17,760 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in CorMedix by 39.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 446,414 shares of the company's stock worth $3,616,000 after buying an additional 125,425 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in CorMedix during the fourth quarter worth $586,000. Captrust Financial Advisors purchased a new stake in CorMedix during the fourth quarter worth $90,000. Finally, Balyasny Asset Management L.P. purchased a new stake in CorMedix during the fourth quarter worth $359,000. Institutional investors own 34.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Leerink Partners assumed coverage on CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 price objective for the company. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $12.00 price objective on shares of CorMedix in a report on Wednesday, March 26th. StockNews.com upgraded CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. Finally, D. Boral Capital reiterated a "buy" rating and set a $15.00 price objective on shares of CorMedix in a report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $15.00.

CorMedix Stock Performance

CRMD stock traded down $0.37 during midday trading on Friday, reaching $11.66. The stock had a trading volume of 4,579,383 shares, compared to its average volume of 1,134,917. The stock has a market cap of $790.84 million, a PE ratio of -14.39 and a beta of 1.54. The firm has a fifty day simple moving average of $8.73 and a two-hundred day simple moving average of $9.74. CorMedix Inc. has a 52-week low of $3.61 and a 52-week high of $13.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.05. The firm had revenue of $39.08 million during the quarter, compared to analysts' expectations of $38.90 million. During the same quarter last year, the business earned ($0.25) EPS. On average, sell-side analysts predict that CorMedix Inc. will post -0.32 EPS for the current fiscal year.

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.