Palisades Investment Partners LLC Has $6.93 Million Position in CorMedix Inc $CRMD

Key Points

• Palisades Investment Partners LLC increased its stake in CorMedix Inc by 56.7% to over $6.93 million, making it the firm's 11th largest holding.
• CorMedix recently reported earnings with an EPS of $0.28, surpassing estimates, and showed a remarkable 4830.1% year-over-year revenue increase.
• Insiders at CorMedix have sold over 163,997 shares worth approximately $2.16 million in the last quarter, indicating significant insider trading activity.

Palisades Investment Partners LLC grew its position in CorMedix Inc (NASDAQ:CRMD - Free Report) by 56.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 562,527 shares of the company's stock after acquiring an additional 203,557 shares during the period. CorMedix accounts for 3.0% of Palisades Investment Partners LLC's portfolio, making the stock its 11th largest holding. Palisades Investment Partners LLC owned about 0.83% of CorMedix worth $6,930,000 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. Bank of America Corp DE increased its stake in CorMedix by 1.9% in the fourth quarter. Bank of America Corp DE now owns 60,115 shares of the company's stock valued at $487,000 after acquiring an additional 1,124 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of CorMedix by 5.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company's stock valued at $338,000 after acquiring an additional 1,478 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CorMedix by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock valued at $222,000 after buying an additional 1,631 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of CorMedix by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company's stock valued at $1,393,000 after buying an additional 1,679 shares in the last quarter. Finally, Sigma Planning Corp grew its holdings in CorMedix by 7.8% in the 1st quarter. Sigma Planning Corp now owns 36,305 shares of the company's stock worth $224,000 after acquiring an additional 2,612 shares during the last quarter. Institutional investors own 34.18% of the company's stock.

CorMedix Stock Up 1.6%

NASDAQ:CRMD opened at $11.30 on Friday. The stock has a fifty day simple moving average of $12.35 and a 200 day simple moving average of $11.30. The firm has a market capitalization of $882.08 million, a price-to-earnings ratio of 15.07 and a beta of 1.76. CorMedix Inc has a 1-year low of $5.60 and a 1-year high of $17.43.

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

Insider Buying and Selling

In other news, Director Alan W. Dunton sold 10,000 shares of CorMedix stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the transaction, the director directly owned 40,250 shares of the company's stock, valued at approximately $528,482.50. This trade represents a 19.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.08, for a total value of $537,862.68. Following the sale, the chief operating officer directly owned 176,990 shares of the company's stock, valued at $2,315,029.20. This represents a 18.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,997 shares of company stock worth $2,163,617 in the last quarter. Insiders own 5.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. D. Boral Capital downgraded shares of CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. Royal Bank Of Canada raised shares of CorMedix from an "outperform" rating to a "moderate buy" rating and lifted their price objective for the stock from $13.00 to $17.00 in a research report on Friday, June 20th. HC Wainwright decreased their target price on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Friday, August 8th. JMP Securities reissued a "market outperform" rating and issued a $22.00 price objective on shares of CorMedix in a report on Tuesday, September 9th. Finally, Needham & Company LLC increased their price target on shares of CorMedix from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

CorMedix Company 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.