BlackRock Inc. Acquires Shares of 6,324,111 CorMedix Inc $CRMD

Key Points

• BlackRock acquired 6,324,111 CorMedix shares in the second quarter, worth approximately $49.6 million, giving it an 8.06% stake. Institutional investors collectively own 34.18% of CRMD.
• CorMedix reported quarterly earnings of $0.29 per share, beating estimates by $0.05, while revenue of $101.93 million exceeded forecasts. The company posted a 40.49% net margin and 40.52% return on equity.
• Analyst sentiment is generally positive, with six Buy ratings and two Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $15, compared with a recent price of $8.26.

BlackRock Inc. purchased a new position in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,324,111 shares of the company's stock, valued at approximately $49,644,000. BlackRock Inc. owned approximately 8.06% of CorMedix at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CRMD. Comerica Bank increased its holdings in shares of CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company's stock valued at $31,000 after acquiring an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in CorMedix in the second quarter worth $42,000. Kestra Advisory Services LLC acquired a new position in CorMedix in the fourth quarter worth $49,000. Caitong International Asset Management Co. Ltd increased its stake in CorMedix by 666.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock valued at $51,000 after purchasing an additional 3,813 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in CorMedix during the third quarter valued at $55,000. 34.18% of the stock is currently owned by institutional investors.

CorMedix Trading Down 0.5%

Shares of CRMD stock opened at $8.26 on Tuesday. The stock has a 50-day simple moving average of $8.04 and a 200 day simple moving average of $7.68. The stock has a market capitalization of $643.78 million, a P/E ratio of 3.86 and a beta of 1.50. CorMedix Inc has a fifty-two week low of $6.13 and a fifty-two week high of $14.96. The company has a quick ratio of 2.36, a current ratio of 2.56 and a debt-to-equity ratio of 0.31.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.29 earnings per share 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 company had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. On average, sell-side analysts expect that CorMedix Inc will post 0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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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