243,232 Shares in CorMedix Inc $CRMD Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 243,232 CorMedix shares worth approximately $1.9 million, representing about 0.31% of the company. Several other institutional investors also increased their positions, while institutions and hedge funds collectively own 34.18% of CRMD.
• CorMedix reported quarterly EPS of $0.29, beating analyst expectations of $0.24, while revenue of $101.93 million exceeded estimates of $96.04 million. The company posted a 40.49% net margin and 40.52% return on equity.
• Analyst sentiment is generally positive: six analysts rate CRMD a Buy and two rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $15, compared with a recent share price of $8.47.

Empowered Funds LLC acquired a new stake in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 243,232 shares of the company's stock, valued at approximately $1,909,000. Empowered Funds LLC owned approximately 0.31% of CorMedix at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CorMedix by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock worth $222,000 after purchasing an additional 1,631 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of CorMedix by 17.1% in the second quarter. Legal & General Group Plc now owns 62,620 shares of the company's stock valued at $771,000 after purchasing an additional 9,155 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of CorMedix by 13.9% in the second quarter. Rhumbline Advisers now owns 92,905 shares of the company's stock valued at $1,145,000 after purchasing an additional 11,340 shares during the last quarter. Russell Investments Group Ltd. lifted its position in CorMedix by 22.2% during the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock worth $81,000 after buying an additional 1,190 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in CorMedix during the second quarter worth approximately $199,000. Institutional investors and hedge funds own 34.18% of the company's stock.

CorMedix Stock Down 1.6%

Shares of NASDAQ CRMD opened at $8.47 on Friday. The company has a 50 day simple moving average of $8.06 and a 200-day simple moving average of $7.71. The company has a market capitalization of $660.15 million, a P/E ratio of 3.96 and a beta of 1.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. CorMedix Inc has a 1 year low of $6.13 and a 1 year high of $13.93.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.29 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 for the quarter, compared to analyst estimates of $96.04 million. On average, equities research analysts predict that CorMedix Inc will post 0.54 earnings per share for the current year.

Analysts Set New Price Targets

CRMD has been the topic of a number of recent research reports. Zacks Research raised CorMedix from a "strong sell" rating to a "hold" rating in a research note on Friday, May 15th. Royal Bank Of Canada raised their target price on CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of CorMedix in a report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, CorMedix presently has an average rating of "Moderate Buy" and an average target price of $15.00.

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.

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