UBS Group AG Sells 454,873 Shares of CorMedix Inc $CRMD

Key Points

• UBS Group AG cut its CorMedix stake by 41.7% in the fourth quarter, selling 454,873 shares and leaving it with 636,035 shares valued at about $7.4 million.
• CorMedix reported strong quarterly results, posting EPS of $0.43 versus the $0.35 estimate and revenue of $127.43 million, up 226.1% year over year.
• Analyst sentiment remains positive, with six Buy ratings and a consensus Moderate Buy rating; the average price target is $15, above the stock’s recent price near $7.91.

UBS Group AG lessened its position in CorMedix Inc (NASDAQ:CRMD - Free Report) by 41.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 636,035 shares of the company's stock after selling 454,873 shares during the period. UBS Group AG owned approximately 0.81% of CorMedix worth $7,397,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its stake in CorMedix by 22.2% in the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company's stock valued at $81,000 after acquiring an additional 1,190 shares during the period. Palisades Investment Partners LLC raised its position in shares of CorMedix by 0.3% during the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company's stock worth $6,561,000 after purchasing an additional 1,579 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of CorMedix by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock worth $222,000 after purchasing an additional 1,631 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of CorMedix by 6.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company's stock valued at $310,000 after purchasing an additional 1,707 shares in the last quarter. Finally, Texas Yale Capital Corp. grew its position in shares of CorMedix by 9.1% in the 3rd quarter. Texas Yale Capital Corp. now owns 24,000 shares of the company's stock valued at $279,000 after purchasing an additional 2,000 shares during the period. 34.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Citizens Jmp reiterated a "market outperform" rating and issued a $19.00 price target on shares of CorMedix in a report on Tuesday, April 28th. Royal Bank Of Canada restated an "outperform" rating and set a $14.00 price objective (up from $13.00) on shares of CorMedix in a report on Tuesday, April 28th. Needham & Company LLC boosted their price objective on shares of CorMedix from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Zacks Research upgraded CorMedix from a "strong sell" rating to a "hold" rating in a report on Friday. Finally, Leerink Partners lifted their price target on CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

CorMedix Stock Up 4.8%

NASDAQ:CRMD opened at $7.91 on Tuesday. The firm has a market capitalization of $620.48 million, a price-to-earnings ratio of 3.71 and a beta of 1.46. CorMedix Inc has a twelve month low of $6.13 and a twelve month high of $17.43. The stock's 50 day moving average price is $7.13 and its two-hundred day moving average price is $8.62. The company has a quick ratio of 2.74, a current ratio of 2.97 and a debt-to-equity ratio of 0.33.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.35 by $0.08. The company had revenue of $127.43 million during the quarter, compared to the consensus estimate of $104.96 million. CorMedix had a return on equity of 45.57% and a net margin of 45.25%.The firm's revenue for the quarter was up 226.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS. Equities research analysts expect that CorMedix Inc will post 0.47 earnings per share for the current fiscal year.

CorMedix announced that its Board of Directors has approved a stock repurchase program on Monday, February 2nd that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

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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