Wellington Management Group LLP Has $1.46 Million Stock Position in CorMedix Inc. (NASDAQ:CRMD)

Wellington Management Group LLP increased its position in CorMedix Inc. (NASDAQ:CRMD) by 130.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 180,948 shares of the company’s stock after purchasing an additional 102,527 shares during the quarter. Wellington Management Group LLP’s holdings in CorMedix were worth $1,462,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its stake in CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after acquiring an additional 1,625 shares during the period. Principal Financial Group Inc. bought a new position in shares of CorMedix in the 2nd quarter worth $44,000. BNP Paribas Financial Markets increased its stake in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock valued at $97,000 after purchasing an additional 6,761 shares in the last quarter. AlphaMark Advisors LLC acquired a new position in CorMedix during the third quarter worth $97,000. Finally, Palumbo Wealth Management LLC acquired a new position in CorMedix during the third quarter worth $100,000. 34.18% of the stock is owned by institutional investors.

Insider Activity

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the transaction, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.20% of the company’s stock.

CorMedix Stock Performance

NASDAQ:CRMD opened at $8.12 on Thursday. CorMedix Inc. has a 52 week low of $2.89 and a 52 week high of $13.85. The firm has a 50-day moving average price of $10.40 and a two-hundred day moving average price of $7.22. The firm has a market cap of $492.70 million, a price-to-earnings ratio of -10.02 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to analysts’ expectations of $11.00 million. During the same period in the previous year, the business posted ($0.17) earnings per share. As a group, sell-side analysts forecast that CorMedix Inc. will post -0.46 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on CRMD. StockNews.com raised shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Rodman & Renshaw initiated coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Truist Financial raised their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC upped their price target on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.20.

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.