CorMedix Inc $CRMD Shares Sold by Elliott Investment Management L.P.

Key Points

• Elliott Investment Management L.P. has reduced its stake in CorMedix Inc by 14.8%, now holding approximately 2.44 million shares valued at $15 million.
• CorMedix saw a significant revenue increase of 4830.1% year-over-year, reporting $39.74 million for the quarter, which surpassed analysts' expectations.
• Multiple research analysts have adjusted their ratings on CorMedix, with a current average rating of "Moderate Buy" and an average price target of $17.33.

Elliott Investment Management L.P. reduced its holdings in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) by 14.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,444,561 shares of the company's stock after selling 426,071 shares during the period. CorMedix comprises 0.1% of Elliott Investment Management L.P.'s investment portfolio, making the stock its 26th largest holding. Elliott Investment Management L.P. owned approximately 3.60% of CorMedix worth $15,058,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CRMD. SBI Securities Co. Ltd. increased its stake in CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after buying an additional 7,599 shares during the period. Essex Financial Services Inc. purchased a new stake in CorMedix during the 1st quarter worth approximately $63,000. EntryPoint Capital LLC purchased a new stake in CorMedix during the 1st quarter worth approximately $66,000. KLP Kapitalforvaltning AS acquired a new position in CorMedix during the 1st quarter worth approximately $72,000. Finally, Captrust Financial Advisors acquired a new position in CorMedix during the 4th quarter worth approximately $90,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

CorMedix Price Performance

Shares of CorMedix stock traded down $0.40 during trading hours on Friday, hitting $12.40. The company had a trading volume of 4,657,464 shares, compared to its average volume of 4,608,494. The company's 50-day moving average is $12.20 and its two-hundred day moving average is $11.13. CorMedix Inc has a twelve month low of $5.31 and a twelve month high of $17.43. The company has a market cap of $925.66 million, a P/E ratio of 16.53 and a beta of 1.76.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The business had revenue of $39.74 million during the quarter, compared to analysts' expectations of $29.88 million. During the same quarter in the prior year, the business posted ($0.25) EPS. The company's revenue for the quarter was up 4830.1% on a year-over-year basis. Sell-side analysts expect that CorMedix Inc will post -0.32 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on CRMD. HC Wainwright lowered their price target on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a report on Friday, August 8th. D Boral Capital cut shares of CorMedix from a "strong-buy" rating to a "hold" rating in a report on Monday, June 30th. Needham & Company LLC boosted their price target on shares of CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. D. Boral Capital cut shares of CorMedix from a "buy" rating to a "hold" rating in a report on Monday, June 30th. Finally, Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their price target for the stock from $13.00 to $17.00 in a report on Friday, June 20th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.33.

CorMedix Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.