Private Advisor Group LLC Buys 126,131 Shares of CorMedix Inc $CRMD

Key Points

• Private Advisor Group LLC increased its CorMedix stake by 33.3% in the first quarter, buying 126,131 additional shares and bringing its total holding to 504,668 shares worth about $3.43 million.
• CorMedix reported better-than-expected quarterly results, posting $0.43 EPS versus the $0.35 estimate and revenue of $127.43 million, up 226.1% from a year earlier.
• Analyst sentiment remains constructive, with six Buy ratings and two Holds, alongside a consensus target price of $14.86; recent updates included higher price targets from Needham and Leerink Partners.

Private Advisor Group LLC boosted its stake in CorMedix Inc (NASDAQ:CRMD - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 504,668 shares of the company's stock after purchasing an additional 126,131 shares during the quarter. Private Advisor Group LLC owned about 0.64% of CorMedix worth $3,427,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Financial Management Professionals Inc. bought a new stake in shares of CorMedix in the fourth quarter worth about $25,000. Comerica Bank boosted its stake in CorMedix by 454.6% during the third quarter. Comerica Bank now owns 2,690 shares of the company's stock valued at $31,000 after buying an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in CorMedix during the second quarter valued at approximately $42,000. Kestra Advisory Services LLC purchased a new position in CorMedix during the 4th quarter valued at approximately $49,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock valued at $51,000 after buying an additional 3,813 shares in the last quarter. Institutional investors own 34.18% of the company's stock.

CorMedix Stock Performance

NASDAQ:CRMD opened at $8.83 on Thursday. The firm has a market capitalization of $692.71 million, a PE ratio of 4.15 and a beta of 1.48. The stock's fifty day moving average is $8.23 and its 200 day moving average is $8.01. CorMedix Inc has a fifty-two week low of $6.13 and a fifty-two week high of $14.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 2.97.

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

Analysts Set New Price Targets

CRMD has been the topic of several recent research reports. Needham & Company LLC upped their price objective on CorMedix from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Zacks Research raised shares of CorMedix from a "strong sell" rating to a "hold" rating in a report on Friday, May 15th. Weiss Ratings upgraded shares of CorMedix from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 14th. Leerink Partners upped their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Finally, Royal Bank Of Canada lowered their price objective on shares of CorMedix from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Tuesday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.86.

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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