Hennion & Walsh Asset Management Inc. Buys Shares of 137,894 CorMedix Inc $CRMD

Hennion & Walsh Asset Management Inc. purchased a new position in CorMedix Inc (NASDAQ:CRMD) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 137,894 shares of the company’s stock, valued at approximately $1,604,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Deerfield Management Company L.P. purchased a new stake in shares of CorMedix during the 3rd quarter valued at $38,656,000. Marshall Wace LLP grew its position in CorMedix by 1,019.2% in the second quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after acquiring an additional 2,349,451 shares in the last quarter. UBS Group AG increased its stake in CorMedix by 295.3% in the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after acquiring an additional 814,964 shares during the last quarter. Jump Financial LLC bought a new position in CorMedix in the third quarter valued at $9,003,000. Finally, Raymond James Financial Inc. raised its position in CorMedix by 646.8% during the third quarter. Raymond James Financial Inc. now owns 651,987 shares of the company’s stock valued at $7,583,000 after purchasing an additional 564,688 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $7.02 on Thursday. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. The stock has a market cap of $554.93 million, a PE ratio of 3.51 and a beta of 1.40. The company’s fifty day moving average is $7.08 and its 200 day moving average is $9.45. CorMedix Inc has a 52 week low of $5.60 and a 52 week high of $17.43.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.70). CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The business had revenue of $128.62 million for the quarter, compared to analysts’ expectations of $127.02 million. During the same quarter in the previous year, the company earned $0.22 earnings per share. The business’s quarterly revenue was up 312.1% on a year-over-year basis. Research analysts anticipate that CorMedix Inc will post -0.32 earnings per share for the current year.

CorMedix announced that its Board of Directors has authorized a stock repurchase plan on Monday, February 2nd that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. HC Wainwright dropped their price target on CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, January 23rd. D. Boral Capital reiterated a “buy” rating and set a $14.00 price objective on shares of CorMedix in a research report on Wednesday, February 11th. Needham & Company LLC decreased their price objective on CorMedix from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Leerink Partners restated an “outperform” rating and issued a $13.00 target price on shares of CorMedix in a research report on Friday, March 6th. Finally, Zacks Research lowered CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, CorMedix has a consensus rating of “Moderate Buy” and an average target price of $15.00.

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.