Pacer Advisors Inc. Purchases 326,724 Shares of CorMedix Inc $CRMD

Key Points

• Pacer Advisors increased its CorMedix stake by 128.7% in the first quarter, purchasing 326,724 additional shares to hold 580,620 shares worth approximately $3.94 million. Institutional investors now own 34.18% of CRMD.
• Analysts remain generally positive, with six Buy ratings and two Holds. CorMedix has a consensus rating of “Moderate Buy” and an average price target of $14.86.
• CorMedix reported quarterly EPS of $0.43, beating estimates of $0.35, while revenue reached $127.43 million—up 226.1% year over year and above analyst expectations.

Pacer Advisors Inc. lifted its position in CorMedix Inc (NASDAQ:CRMD - Free Report) by 128.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 580,620 shares of the company's stock after purchasing an additional 326,724 shares during the quarter. Pacer Advisors Inc. owned 0.74% of CorMedix worth $3,942,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRMD. Financial Management Professionals Inc. acquired a new stake in CorMedix during the fourth quarter worth $25,000. Comerica Bank raised its stake 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 buying an additional 2,205 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of CorMedix in the 2nd quarter valued at $42,000. Kestra Advisory Services LLC bought a new position in shares of CorMedix during the 4th quarter worth about $49,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock worth $51,000 after acquiring an additional 3,813 shares during the period. 34.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of CorMedix from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Weiss Ratings raised shares of CorMedix from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 14th. Leerink Partners raised their price target on shares of CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. Royal Bank Of Canada decreased their price objective on CorMedix from $14.00 to $13.00 and set an "outperform" rating on the stock in a report on Tuesday, July 7th. Finally, D. Boral Capital reiterated a "buy" rating and issued a $14.00 price objective on shares of CorMedix in a research note on Monday, April 27th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.86.

CorMedix Price Performance

Shares of CRMD stock opened at $7.51 on Friday. The stock's fifty day moving average is $8.24 and its 200-day 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. The stock has a market capitalization of $589.16 million, a PE ratio of 3.53 and a beta of 1.50. CorMedix Inc has a 52 week low of $6.13 and a 52 week high of $14.96.

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

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