CorMedix Inc $CRMD Shares Purchased by Hennion & Walsh Asset Management Inc.

Key Points

• Hennion & Walsh Asset Management increased its CorMedix stake by 150.6% in the second quarter, owning 438,629 shares worth approximately $3.44 million, or 0.56% of the company.
• CorMedix reported quarterly EPS of $0.43, beating estimates by $0.08, while revenue reached $127.43 million, up 226.1% year over year and above analyst expectations.
• Analysts remain generally positive, with six Buy ratings and two Holds, resulting in a “Moderate Buy” consensus and an average price target of $14.86 versus the stock’s $7.53 opening price.

Hennion & Walsh Asset Management Inc. raised its stake in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) by 150.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 438,629 shares of the company's stock after acquiring an additional 263,618 shares during the quarter. Hennion & Walsh Asset Management Inc. owned approximately 0.56% of CorMedix worth $3,443,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Financial Management Professionals Inc. bought a new position in shares of CorMedix during the fourth quarter worth about $25,000. Comerica Bank grew its stake in CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company's stock worth $31,000 after purchasing an additional 2,205 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in CorMedix in the second quarter valued at about $42,000. Kestra Advisory Services LLC bought a new stake in CorMedix in the fourth quarter valued at about $49,000. Finally, Caitong International Asset Management Co. Ltd raised 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 buying an additional 3,813 shares in the last quarter. Institutional investors own 34.18% of the company's stock.

CorMedix Stock Up 1.2%

CRMD stock opened at $7.53 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 2.97 and a debt-to-equity ratio of 0.33. CorMedix Inc has a fifty-two week low of $6.13 and a fifty-two week high of $14.96. The firm's 50-day simple moving average is $8.21 and its 200 day simple moving average is $7.64. The stock has a market cap of $590.73 million, a PE ratio of 3.54 and a beta of 1.50.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.08. The firm had revenue of $127.43 million during the quarter, compared to analyst estimates of $104.96 million. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. CorMedix's revenue was up 226.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 EPS. As a group, sell-side analysts predict that CorMedix Inc will post 0.51 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on CRMD. D. Boral Capital reaffirmed a "buy" rating and set a $14.00 target price on shares of CorMedix in a report on Monday, April 27th. Royal Bank Of Canada dropped their price target on CorMedix from $14.00 to $13.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 7th. Zacks Research upgraded CorMedix from a "strong sell" rating to a "hold" rating in a research note on Friday, May 15th. Leerink Partners lifted their price objective on shares of CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Finally, Weiss Ratings raised shares of CorMedix from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, May 14th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, CorMedix presently has a consensus rating of "Moderate Buy" and an average target price of $14.86.

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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