Hennion & Walsh Asset Management Inc. Takes $1.60 Million Position in CorMedix Inc $CRMD

Hennion & Walsh Asset Management Inc. purchased a new stake in shares of CorMedix Inc (NASDAQ:CRMD) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 137,894 shares of the company’s stock, valued at approximately $1,604,000. Hennion & Walsh Asset Management Inc. owned approximately 0.18% of CorMedix at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. SG Americas Securities LLC raised its holdings in CorMedix by 38.6% during the 4th quarter. SG Americas Securities LLC now owns 28,182 shares of the company’s stock valued at $328,000 after acquiring an additional 7,849 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of CorMedix by 35.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 302,508 shares of the company’s stock worth $3,518,000 after acquiring an additional 78,447 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of CorMedix by 6.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock worth $310,000 after acquiring an additional 1,707 shares during the period. Gryphon Financial Partners LLC purchased a new position in shares of CorMedix in the fourth quarter valued at $300,000. Finally, JPMorgan Chase & Co. raised its stake in shares of CorMedix by 176.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 97,228 shares of the company’s stock valued at $1,131,000 after purchasing an additional 62,085 shares during the period. 34.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRMD. Royal Bank Of Canada set a $13.00 price objective on CorMedix and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Truist Financial set a $16.00 price target on CorMedix in a research report on Thursday, January 8th. HC Wainwright lowered their price target on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. D. Boral Capital restated a “buy” rating and issued a $14.00 price objective on shares of CorMedix in a research report on Wednesday, February 11th. Finally, Zacks Research cut shares of 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and an average target price of $15.00.

CorMedix Trading Up 3.4%

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

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

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

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.