150,656 Shares in CorMedix Inc $CRMD Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 150,656 CorMedix shares in the second quarter, worth approximately $1.18 million, giving it a 0.19% stake. Institutional investors collectively own 34.18% of CRMD.
• Analyst sentiment is broadly positive: seven analysts rate CorMedix a Buy and two rate it a Hold, resulting in a consensus “Moderate Buy” rating and a $15 price target.
• CorMedix reported quarterly EPS of $0.29, beating estimates by $0.05, while revenue of $101.93 million exceeded forecasts. Its lead product, DefenCath, is designed to reduce catheter-related bloodstream infections in chronic hemodialysis patients.

Bank of America Corp DE acquired a new position in CorMedix Inc (NASDAQ:CRMD - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 150,656 shares of the company's stock, valued at approximately $1,183,000. Bank of America Corp DE owned 0.19% of CorMedix as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of CorMedix during the second quarter valued at approximately $49,644,000. Pacer Advisors Inc. increased its position in CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company's stock valued at $3,942,000 after purchasing an additional 326,724 shares during the period. Private Advisor Group LLC raised its holdings in CorMedix by 33.3% in the 1st quarter. Private Advisor Group LLC now owns 504,668 shares of the company's stock worth $3,427,000 after purchasing an additional 126,131 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in CorMedix by 150.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company's stock worth $3,443,000 after purchasing an additional 263,618 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CorMedix in the 2nd quarter worth about $3,108,000. 34.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRMD has been the topic of a number of research analyst reports. Oppenheimer assumed coverage on CorMedix in a report on Wednesday, September 23rd. They set an "outperform" rating and a $15.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of CorMedix in a research note on Tuesday, August 11th. Finally, Royal Bank Of Canada lifted their price target on CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

CorMedix Price Performance

Shares of CRMD opened at $7.42 on Friday. CorMedix Inc has a fifty-two week low of $6.13 and a fifty-two week high of $13.02. The firm's 50-day simple moving average is $7.88 and its two-hundred day simple moving average is $7.84. The stock has a market cap of $578.31 million, a PE ratio of 3.47, a price-to-earnings-growth ratio of 1.43 and a beta of 1.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The firm had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. Analysts anticipate that CorMedix Inc will post 0.54 earnings per share for the current fiscal year.

CorMedix Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat infectious and inflammatory complications associated with medical devices and procedures. The company's lead product is DefenCath (taurolidine and heparin), an antimicrobial catheter lock solution intended to help reduce catheter-related bloodstream infections in adult patients receiving chronic hemodialysis through central venous catheters.

DefenCath was approved by the U.S.

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