Empowered Funds LLC Grows Position in CorMedix Inc $CRMD

Key Points

• Empowered Funds LLC more than doubled its CorMedix stake in the first quarter, adding 134,733 shares to own 266,637 shares valued at approximately $1.81 million. Institutional investors collectively hold 34.18% of CRMD.
• Analysts remain broadly positive, with six Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $14.86, versus the stock’s recent opening price of $7.51.
• CorMedix reported stronger-than-expected quarterly results, including EPS of $0.43 versus the $0.35 estimate and revenue of $127.43 million, up 226.1% year over year.

Empowered Funds LLC grew its position in CorMedix Inc (NASDAQ:CRMD - Free Report) by 102.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 266,637 shares of the company's stock after purchasing an additional 134,733 shares during the period. Empowered Funds LLC owned approximately 0.34% of CorMedix worth $1,810,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in CorMedix by 13.1% during the fourth quarter. Vanguard Group Inc. now owns 4,499,010 shares of the company's stock valued at $52,323,000 after buying an additional 521,352 shares in the last quarter. Marshall Wace LLP raised its stake in shares of CorMedix by 34.6% in the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company's stock valued at $40,397,000 after acquiring an additional 893,518 shares during the period. Deerfield Management Company L.P. purchased a new position in shares of CorMedix in the 3rd quarter valued at $38,656,000. State Street Corp lifted its holdings in shares of CorMedix by 4.6% during the 4th quarter. State Street Corp now owns 1,920,861 shares of the company's stock valued at $22,340,000 after acquiring an additional 85,240 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of CorMedix by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,912,233 shares of the company's stock valued at $22,243,000 after acquiring an additional 102,461 shares in the last quarter. Institutional investors and hedge funds own 34.18% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on CRMD shares. Citizens Jmp reiterated a "market outperform" rating and issued a $19.00 price target on shares of CorMedix in a report on Tuesday, April 28th. Weiss Ratings raised CorMedix from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 14th. D. Boral Capital reiterated a "buy" rating and issued a $14.00 target price on shares of CorMedix in a research note on Monday, April 27th. Leerink Partners raised their target price on CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Tuesday, April 28th. Finally, Zacks Research raised CorMedix from a "strong sell" rating to a "hold" rating in a research report on Friday, May 15th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.86.

CorMedix Stock Performance

Shares of CRMD stock opened at $7.51 on Friday. The stock has a market capitalization of $589.16 million, a price-to-earnings ratio of 3.53 and a beta of 1.50. CorMedix Inc has a one year low of $6.13 and a one year high of $14.96. The company's 50-day simple moving average is $8.24 and its 200-day simple moving average is $7.63. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 2.97.

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

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.

Want to see what other hedge funds are holding CRMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CorMedix Inc (NASDAQ:CRMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source