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

Key Points

• Phocas Financial Corp. bought a new stake of 171,087 shares in CorMedix worth approximately $1.99 million, representing about 0.22% of the company.
• CorMedix missed quarterly EPS expectations ($0.16 vs. $0.86 est.) despite revenue jumping ~312% year-over-year to $128.6M, and its board authorized a $75.00 million share buyback (up to 12.3% of shares).
• Analysts have a consensus target of $15.00 (six Buys, one Hold, one Sell); shares trade around $7.23 with a market cap near $571.5M and a P/E of 3.62.

Phocas Financial Corp. bought a new position in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 SEC filing.

Several other institutional investors also recently bought and sold shares of CRMD. Marshall Wace LLP boosted its position in CorMedix by 34.6% in the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company's stock worth $40,397,000 after purchasing an additional 893,518 shares in the last quarter. Deerfield Management Company L.P. purchased a new position in CorMedix in the third quarter valued at $38,656,000. Alyeska Investment Group L.P. raised its position in shares of CorMedix by 68.4% in the third quarter. Alyeska Investment Group L.P. now owns 1,262,979 shares of the company's stock worth $14,688,000 after acquiring an additional 512,979 shares during the period. UBS Group AG boosted its stake in shares of CorMedix by 295.3% during the 3rd quarter. UBS Group AG now owns 1,090,908 shares of the company's stock worth $12,687,000 after acquiring an additional 814,964 shares in the last quarter. Finally, Oberweis Asset Management Inc. grew its position in shares of CorMedix by 62.0% during the 3rd quarter. Oberweis Asset Management Inc. now owns 785,700 shares of the company's stock valued at $9,138,000 after acquiring an additional 300,700 shares during the period. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

CorMedix Trading Down 1.0%

CRMD opened at $7.23 on Thursday. The firm has a market capitalization of $571.53 million, a price-to-earnings ratio of 3.62 and a beta of 1.41. The company's 50 day simple moving average is $6.96 and its two-hundred day simple moving average is $9.15. CorMedix Inc has a 1-year low of $6.13 and a 1-year high of $17.43. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.11 and a quick ratio of 1.94.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.70). CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The company had revenue of $128.62 million during the quarter, compared to analyst estimates of $127.02 million. During the same period in the prior year, the business posted $0.22 EPS. CorMedix's revenue for the quarter was up 312.1% compared to the same quarter last year. 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 buyback plan on Monday, February 2nd that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRMD shares. Needham & Company LLC lowered their price target on CorMedix from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Thursday, March 5th. Weiss Ratings reissued a "hold (c)" rating on shares of CorMedix in a report on Wednesday, January 21st. Royal Bank Of Canada set a $13.00 target price on shares of CorMedix and gave the company an "outperform" rating in a research report on Wednesday, January 21st. Truist Financial set a $16.00 target price on shares of CorMedix in a research note on Thursday, January 8th. Finally, Leerink Partners reaffirmed an "outperform" rating and issued a $13.00 price target on shares of CorMedix in a research note on Friday, March 6th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

CorMedix Company 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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