Swedbank AB Acquires Shares of 250,000 CorMedix Inc $CRMD

Key Points

• Swedbank AB has made a new investment of approximately $1.54 million in CorMedix Inc, acquiring 250,000 shares, which represents around 0.37% ownership in the company.
• Analysts have mixed opinions on CorMedix's stock, with ratings ranging from a "Strong Buy" to a "Hold," while the average target price is set at $18.00.
• CorMedix reported a significant increase in revenue of 4830.1% year-over-year, with a quarterly revenue of $39.74 million, exceeding consensus estimates.

Swedbank AB bought a new stake in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 250,000 shares of the company's stock, valued at approximately $1,540,000. Swedbank AB owned 0.37% of CorMedix as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CRMD. SBI Securities Co. Ltd. lifted its position in shares of CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after buying an additional 7,599 shares during the period. Essex Financial Services Inc. bought a new stake in CorMedix during the first quarter worth about $63,000. EntryPoint Capital LLC bought a new stake in CorMedix in the first quarter valued at approximately $66,000. KLP Kapitalforvaltning AS bought a new stake in CorMedix in the first quarter valued at approximately $72,000. Finally, Captrust Financial Advisors acquired a new position in shares of CorMedix in the fourth quarter valued at approximately $90,000. Institutional investors own 34.18% of the company's stock.

Insider Buying and Selling at CorMedix

In other news, CEO Joseph Todisco sold 50,000 shares of the firm's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $13.00, for a total transaction of $650,000.00. Following the sale, the chief executive officer directly owned 509,496 shares in the company, valued at $6,623,448. This trade represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kaufman Beth Zelnick sold 50,000 shares of the firm's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $13.41, for a total transaction of $670,500.00. Following the sale, the insider owned 180,418 shares in the company, valued at $2,419,405.38. The trade was a 21.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 163,997 shares of company stock valued at $2,163,617 over the last three months. Insiders own 5.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CRMD shares. Wall Street Zen raised CorMedix from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 13th. D. Boral Capital downgraded CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. HC Wainwright dropped their target price on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. D Boral Capital lowered shares of CorMedix from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 30th. Finally, Needham & Company LLC upped their target price 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 given a Hold rating to the company. Based on data from MarketBeat, CorMedix currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

CorMedix Trading Down 4.2%

CRMD stock traded down $0.49 on Friday, hitting $11.20. The company had a trading volume of 4,564,760 shares, compared to its average volume of 4,478,071. CorMedix Inc has a 12-month low of $5.60 and a 12-month high of $17.43. The stock's 50-day simple moving average is $12.34 and its 200 day simple moving average is $11.27. The stock has a market cap of $874.27 million, a price-to-earnings ratio of 14.93 and a beta of 1.76.

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

CorMedix 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.