Palisades Investment Partners LLC Purchases New Position in CorMedix Inc. (NASDAQ:CRMD)

Palisades Investment Partners LLC bought a new stake in CorMedix Inc. (NASDAQ:CRMD - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 364,019 shares of the company's stock, valued at approximately $2,949,000. Palisades Investment Partners LLC owned approximately 0.60% of CorMedix at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRMD. Janney Montgomery Scott LLC bought a new stake in shares of CorMedix during the 4th quarter valued at approximately $81,000. Captrust Financial Advisors bought a new stake in shares of CorMedix during the 4th quarter valued at approximately $90,000. Aigen Investment Management LP bought a new stake in shares of CorMedix during the 4th quarter valued at approximately $94,000. XTX Topco Ltd bought a new stake in CorMedix during the 4th quarter worth approximately $95,000. Finally, Legato Capital Management LLC bought a new stake in CorMedix during the 4th quarter worth approximately $97,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

CorMedix Stock Performance

CRMD traded up $0.10 on Friday, reaching $12.36. The company had a trading volume of 520,342 shares, compared to its average volume of 1,162,675. The business has a 50 day simple moving average of $9.07 and a 200 day simple moving average of $9.82. The company has a market cap of $838.32 million, a price-to-earnings ratio of -15.26 and a beta of 1.54. CorMedix Inc. has a 52-week low of $3.61 and a 52-week high of $13.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. The business had revenue of $39.08 million for the quarter, compared to analysts' expectations of $38.90 million. During the same period last year, the business posted ($0.25) earnings per share. As a group, equities research analysts predict that CorMedix Inc. will post -0.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRMD. Wall Street Zen raised shares of CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. Royal Bank of Canada reissued an "outperform" rating and set a $12.00 target price on shares of CorMedix in a report on Wednesday, March 26th. Needham & Company LLC boosted their target price on shares of CorMedix from $12.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 target price on the stock. Finally, D. Boral Capital reaffirmed a "buy" rating and issued a $15.00 price objective on shares of CorMedix in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $15.00.

About CorMedix

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.