Royce & Associates LP Invests $5.13 Million in CorMedix Inc $CRMD

Royce & Associates LP purchased a new position in CorMedix Inc (NASDAQ:CRMD) during the third quarter, HoldingsChannel reports. The fund purchased 441,312 shares of the company’s stock, valued at approximately $5,132,000.

Other hedge funds have also recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new position in CorMedix during the second quarter worth $42,000. State of Alaska Department of Revenue purchased a new position in shares of CorMedix in the third quarter valued at $54,000. Orion Capital Management LLC acquired a new position in shares of CorMedix during the 3rd quarter worth $70,000. Ameritas Investment Partners Inc. boosted its position in shares of CorMedix by 17.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock worth $81,000 after buying an additional 998 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of CorMedix by 22.2% in the 2nd 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. 34.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. D. Boral Capital restated a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research report on Wednesday, February 11th. Wall Street Zen cut CorMedix from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Truist Financial set a $16.00 price target on CorMedix in a research report on Thursday, January 8th. Finally, Zacks Research cut CorMedix from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.86.

Insider Activity

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

CorMedix Stock Up 3.0%

Shares of NASDAQ CRMD opened at $7.12 on Thursday. The firm has a market cap of $560.98 million, a P/E ratio of 3.46 and a beta of 1.31. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.73 and a current ratio of 1.94. CorMedix Inc has a 1 year low of $5.60 and a 1 year high of $17.43. The firm’s 50 day moving average price is $8.29 and its 200 day moving average price is $10.43.

CorMedix declared that its board has approved a share repurchase program on Monday, February 2nd that permits the company to repurchase $75.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About CorMedix

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.