CorMedix Inc $CRMD Shares Bought by Divisadero Street Capital Management LP

Divisadero Street Capital Management LP grew its holdings in CorMedix Inc (NASDAQ:CRMD) by 305.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 288,050 shares of the company’s stock after purchasing an additional 217,050 shares during the period. Divisadero Street Capital Management LP’s holdings in CorMedix were worth $3,350,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Comerica Bank increased its position in shares of CorMedix by 454.6% during the 3rd quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in CorMedix in the 2nd quarter valued at about $42,000. State of Alaska Department of Revenue acquired a new position in CorMedix in the third quarter valued at about $54,000. Orion Capital Management LLC purchased a new position in CorMedix during the third quarter worth about $70,000. Finally, Russell Investments Group Ltd. boosted its stake in 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 during the period. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CRMD. Leerink Partners reissued an “outperform” rating and issued a $13.00 price target on shares of CorMedix in a research note on Friday, March 6th. HC Wainwright lowered their price objective on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. Royal Bank Of Canada set a $13.00 target price on CorMedix and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Finally, Needham & Company LLC decreased their price target on CorMedix from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Insider Transactions at CorMedix

In related news, CEO Joseph Todisco sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $12.00, for a total transaction of $360,000.00. Following the sale, the chief executive officer directly owned 509,496 shares in the company, valued at approximately $6,113,952. This represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan W. Dunton sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total transaction of $260,000.00. Following the completion of the sale, the director directly owned 40,250 shares in the company, valued at approximately $523,250. This trade represents a 33.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.10% of the company’s stock.

CorMedix Trading Up 0.8%

NASDAQ:CRMD opened at $6.45 on Monday. CorMedix Inc has a 12-month low of $5.60 and a 12-month high of $17.43. The firm has a market cap of $509.87 million, a PE ratio of 3.23 and a beta of 1.31. The company has a current ratio of 2.11, a quick ratio of 1.94 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average price of $7.49 and a 200 day moving average price of $10.06.

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

CorMedix announced that its Board of Directors has authorized a share buyback plan 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 plans are often a sign that the company’s management believes its shares are undervalued.

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.