October Effect Ltd Has $4.89 Million Stock Position in CorMedix Inc $CRMD

October Effect Ltd grew its position in CorMedix Inc (NASDAQ:CRMD) by 36.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 420,551 shares of the company’s stock after purchasing an additional 111,794 shares during the period. CorMedix accounts for about 5.4% of October Effect Ltd’s portfolio, making the stock its 4th largest holding. October Effect Ltd’s holdings in CorMedix were worth $4,891,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CRMD. Ameritas Investment Partners Inc. boosted its stake in CorMedix by 17.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock valued at $81,000 after purchasing an additional 998 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of CorMedix by 22.2% during the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock worth $81,000 after buying an additional 1,190 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of CorMedix by 11.9% in the second quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company’s stock valued at $168,000 after acquiring an additional 1,451 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of CorMedix by 5.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,114 shares of the company’s stock valued at $338,000 after acquiring an additional 1,478 shares in the last quarter. Finally, Palisades Investment Partners LLC increased its position in 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 acquiring an additional 1,579 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRMD has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a report on Wednesday. HC Wainwright dropped their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Friday. Zacks Research cut CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. D. Boral Capital restated a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research note on Thursday, January 8th. Finally, Needham & Company LLC dropped their price objective on CorMedix from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $15.86.

Insider Buying and Selling

In related news, CEO Joseph Todisco sold 30,000 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $12.00, for a total transaction of $360,000.00. Following the completion of the sale, the chief executive officer directly owned 509,496 shares in the company, valued at $6,113,952. This represents a 5.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alan W. Dunton sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total value of $260,000.00. Following the completion of the sale, the director directly owned 40,250 shares in the company, valued at $523,250. This trade represents a 33.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 90,000 shares of company stock worth $1,095,200 in the last ninety days. 3.10% of the stock is owned by insiders.

CorMedix Stock Performance

NASDAQ CRMD opened at $7.27 on Friday. The firm’s 50 day simple moving average is $10.14 and its 200 day simple moving average is $11.22. The firm has a market capitalization of $572.80 million, a price-to-earnings ratio of 3.53 and a beta of 1.36. The company has a current ratio of 1.94, a quick ratio of 1.73 and a debt-to-equity ratio of 0.39. CorMedix Inc has a 1 year low of $5.60 and a 1 year high of $17.43.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.78. The firm had revenue of $104.28 million during the quarter, compared to analysts’ expectations of $65.63 million. CorMedix had a return on equity of 51.77% and a net margin of 75.83%.The company’s quarterly revenue was up 810.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.05) earnings per share. As a group, research analysts expect that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.

CorMedix 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.