Bank of New York Mellon Corp Takes Position in CorMedix Inc $CRMD

Key Points

• Bank of New York Mellon acquired 395,907 CorMedix shares worth approximately $3.1 million, representing about 0.5% of the company. Institutional investors collectively own 34.18% of CRMD.
• Analysts maintain a generally positive outlook, with six Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $15. Royal Bank of Canada raised its target to $14.
• CorMedix exceeded quarterly expectations, reporting $0.29 in earnings per share versus the $0.24 consensus and revenue of $101.93 million compared with estimates of $96.04 million.

Bank of New York Mellon Corp purchased a new position in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 395,907 shares of the company's stock, valued at approximately $3,108,000. Bank of New York Mellon Corp owned about 0.50% of CorMedix as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

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

CorMedix Price Performance

CRMD stock opened at $8.43 on Monday. CorMedix Inc has a 1 year low of $6.13 and a 1 year high of $13.83. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. The firm has a market capitalization of $657.03 million, a PE ratio of 3.94 and a beta of 1.50. The business has a 50 day simple moving average of $8.07 and a 200-day simple moving average of $7.71.

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

CorMedix Profile

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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