Royce & Associates LP Buys New Stake in CorMedix Inc $CRMD

Royce & Associates LP purchased a new stake in CorMedix Inc (NASDAQ:CRMD) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 441,312 shares of the company’s stock, valued at approximately $5,132,000. Royce & Associates LP owned about 0.56% of CorMedix at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new stake in shares of CorMedix during the second quarter worth about $42,000. State of Alaska Department of Revenue acquired a new position in CorMedix during the third quarter worth approximately $54,000. Orion Capital Management LLC purchased a new stake in CorMedix in the third quarter valued at approximately $70,000. Russell Investments Group Ltd. boosted its holdings in shares of CorMedix by 22.2% in the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock valued at $81,000 after acquiring an additional 1,190 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of CorMedix by 17.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock valued at $81,000 after acquiring an additional 998 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

Insider Buying and Selling

In other CorMedix news, Director Steven W. Lefkowitz sold 40,000 shares of the business’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $11.88, for a total transaction of $475,200.00. Following the sale, the director directly owned 80,498 shares in the company, valued at approximately $956,316.24. The trade was a 33.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan W. Dunton sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 30th. The stock was 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 in the company, valued at approximately $523,250. This trade represents a 33.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 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 Trading Up 3.0%

NASDAQ CRMD opened at $7.12 on Thursday. CorMedix Inc has a 52-week low of $5.60 and a 52-week high of $17.43. The firm has a 50-day moving average price of $8.29 and a 200 day moving average price of $10.43. The stock has a market capitalization of $560.98 million, a P/E ratio of 3.46 and a beta of 1.31. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39.

CorMedix declared that its Board of Directors has authorized a stock repurchase program on Monday, February 2nd that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CRMD. Zacks Research cut shares of CorMedix from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 10th. Truist Financial set a $16.00 target price on shares of CorMedix in a report on Thursday, January 8th. Needham & Company LLC lowered their price target on CorMedix from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Royal Bank Of Canada set a $13.00 price objective on CorMedix and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, CorMedix presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.86.

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.