Trexquant Investment LP Purchases 115,819 Shares of CorMedix Inc $CRMD

Key Points

• Trexquant Investment LP increased its stake in CorMedix Inc by 588.9% during Q1, owning 135,487 shares worth approximately $835,000.
• CorMedix saw significant investment interest from institutional investors, with AlphaQuest LLC and Invesco Ltd. also boosting their stakes during the same period.
• The company's quarterly earnings report revealed a 4830.1% increase in revenue year-over-year, with reported earnings per share of $0.28 beating expectations.

Trexquant Investment LP grew its position in shares of CorMedix Inc (NASDAQ:CRMD - Free Report) by 588.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,487 shares of the company's stock after buying an additional 115,819 shares during the period. Trexquant Investment LP owned 0.20% of CorMedix worth $835,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions 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 valued at $54,000 after buying an additional 7,599 shares during the last quarter. Essex Financial Services Inc. bought a new stake in shares of CorMedix during the 1st quarter valued at $63,000. EntryPoint Capital LLC bought a new stake in shares of CorMedix during the 1st quarter valued at $66,000. KLP Kapitalforvaltning AS bought a new stake in shares of CorMedix during the 1st quarter valued at $72,000. Finally, Captrust Financial Advisors bought a new stake in shares of CorMedix during the 4th quarter valued at $90,000. Hedge funds and other institutional investors own 34.18% of the company's stock.

CorMedix Stock Down 1.1%

Shares of NASDAQ CRMD traded down $0.15 during mid-day trading on Friday, reaching $12.94. 1,692,851 shares of the company were exchanged, compared to its average volume of 4,486,132. CorMedix Inc has a 52 week low of $5.60 and a 52 week high of $17.43. The stock has a market capitalization of $965.97 million, a PE ratio of 17.25 and a beta of 1.76. The company's 50 day moving average price is $12.31 and its 200 day moving average price is $11.22.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The company had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same period in the previous year, the firm posted ($0.25) EPS. The firm's revenue was up 4830.1% compared to the same quarter last year. On average, sell-side analysts predict that CorMedix Inc will post -0.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRMD has been the topic of a number of analyst reports. Royal Bank Of Canada upgraded CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their price objective for the company from $13.00 to $17.00 in a research note on Friday, June 20th. D. Boral Capital lowered CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. Needham & Company LLC boosted their price objective on CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. JMP Securities reiterated a "market outperform" rating and set a $22.00 price objective on shares of CorMedix in a research note on Tuesday. Finally, Wall Street Zen lowered CorMedix from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. One equities 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Insider Activity

In other news, CEO Joseph Todisco sold 50,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $13.00, for a total transaction of $650,000.00. Following the transaction, the chief executive officer directly owned 509,496 shares in the company, valued at approximately $6,623,448. This represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Elizabeth Hurlburt sold 41,121 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $13.08, for a total value of $537,862.68. Following the transaction, the chief operating officer owned 176,990 shares in the company, valued at $2,315,029.20. This trade represents a 18.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 153,997 shares of company stock worth $2,032,317. 5.30% of the stock is currently owned by insiders.

CorMedix Company 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.