Phocas Financial Corp. Takes $1.99 Million Position in CorMedix Inc $CRMD

Key Points

• Phocas Financial Corp. bought 171,087 shares of CorMedix during Q4, a new stake valued at about $1.99 million that represents roughly 0.22% of the company.
• CorMedix’s board authorized a $75.0 million share repurchase (up to ~12.3% of outstanding shares); the company reported Q earnings of $0.16 EPS (missing estimates by $0.70) but revenue of $128.6 million, up 312% year-over-year.
• Several large institutions (Deerfield, Marshall Wace, UBS, Jump, Raymond James) materially increased positions, leaving institutional ownership at about 34.18%, while analysts show a consensus “Moderate Buy” rating with an average price target near $15.00.

Phocas Financial Corp. bought a new stake in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 171,087 shares of the company's stock, valued at approximately $1,990,000. Phocas Financial Corp. owned 0.22% of CorMedix as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Deerfield Management Company L.P. acquired a new position in CorMedix during the 3rd quarter worth approximately $38,656,000. Marshall Wace LLP grew its position in CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock valued at $31,785,000 after acquiring an additional 2,349,451 shares in the last quarter. UBS Group AG raised its stake in shares of CorMedix by 295.3% during the third quarter. UBS Group AG now owns 1,090,908 shares of the company's stock valued at $12,687,000 after purchasing an additional 814,964 shares during the period. Jump Financial LLC acquired a new position in shares of CorMedix during the third quarter worth $9,003,000. Finally, Raymond James Financial Inc. lifted its position in shares of CorMedix by 646.8% during the third quarter. Raymond James Financial Inc. now owns 651,987 shares of the company's stock worth $7,583,000 after purchasing an additional 564,688 shares in the last quarter. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

CorMedix Stock Performance

CorMedix stock opened at $7.05 on Monday. CorMedix Inc has a 52 week low of $5.60 and a 52 week high of $17.43. The company has a current ratio of 2.11, a quick ratio of 1.94 and a debt-to-equity ratio of 0.36. The stock has a market cap of $557.30 million, a P/E ratio of 3.53 and a beta of 1.41. The stock has a 50 day moving average of $7.07 and a 200-day moving average of $9.36.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.86 by ($0.70). CorMedix had a return on equity of 52.30% and a net margin of 52.31%.The company had revenue of $128.62 million during the quarter, compared to the consensus estimate of $127.02 million. During the same quarter last year, the firm posted $0.22 EPS. The firm's quarterly revenue was up 312.1% on a year-over-year basis. On average, analysts expect that CorMedix Inc will post -0.32 EPS for the current fiscal year.

CorMedix announced that its Board of Directors has initiated a share repurchase plan on Monday, February 2nd that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

CRMD has been the subject of a number of recent analyst reports. Needham & Company LLC lowered their price target on shares of CorMedix from $15.00 to $14.00 and set a "buy" rating for the company in a report on Thursday, March 5th. D. Boral Capital reiterated a "buy" rating and issued a $14.00 price objective on shares of CorMedix in a report on Wednesday, February 11th. Truist Financial set a $16.00 price objective on shares of CorMedix in a research report on Thursday, January 8th. HC Wainwright lowered their target price on CorMedix from $18.00 to $13.00 and set a "buy" rating for the company in a research note on Friday, January 23rd. Finally, Zacks Research lowered CorMedix from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.00.

CorMedix Profile

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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