CorMedix Inc. (NASDAQ:CRMD) Stake Raised by State Street Corp

State Street Corp increased its holdings in CorMedix Inc. (NASDAQ:CRMD) by 0.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,225,756 shares of the company’s stock after buying an additional 10,204 shares during the quarter. State Street Corp’s holdings in CorMedix were worth $9,904,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CRMD. Bank of New York Mellon Corp grew its stake in shares of CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares in the last quarter. Marshall Wace LLP increased its stake in CorMedix by 109.6% during the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after buying an additional 79,619 shares during the period. Commonwealth Equity Services LLC raised its position in shares of CorMedix by 150.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after buying an additional 56,963 shares in the last quarter. Parallax Volatility Advisers L.P. bought a new stake in shares of CorMedix during the 3rd quarter worth about $648,000. Finally, Rhumbline Advisers lifted its stake in shares of CorMedix by 18.0% in the 2nd quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after acquiring an additional 11,339 shares during the period. 34.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on CRMD. Needham & Company LLC boosted their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com raised CorMedix to a “sell” rating in a research note on Friday, November 8th. Truist Financial raised their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada boosted their price target on shares of CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat, CorMedix currently has an average rating of “Moderate Buy” and an average price target of $15.80.

Insider Activity

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the sale, the executive vice president now directly owns 45,397 shares of the company’s stock, valued at approximately $507,538.46. This represents a 75.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.20% of the stock is owned by company insiders.

CorMedix Stock Up 2.0 %

Shares of NASDAQ CRMD opened at $8.50 on Friday. CorMedix Inc. has a 52-week low of $2.89 and a 52-week high of $13.85. The stock has a market capitalization of $515.75 million, a price-to-earnings ratio of -10.49 and a beta of 1.54. The stock’s fifty day simple moving average is $10.24 and its 200 day simple moving average is $7.34.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to analyst estimates of $11.00 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. As a group, analysts anticipate that CorMedix Inc. will post -0.46 earnings per share for the current year.

About CorMedix

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.