Corton Capital Inc. Makes New $136,000 Investment in CorMedix Inc $CRMD

Corton Capital Inc. acquired a new position in shares of CorMedix Inc (NASDAQ:CRMD) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 11,041 shares of the company’s stock, valued at approximately $136,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. raised its position in CorMedix by 2.8% during the second quarter. Wingate Wealth Advisors Inc. now owns 129,537 shares of the company’s stock valued at $1,596,000 after purchasing an additional 3,522 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of CorMedix during the 2nd quarter valued at about $270,000. Allspring Global Investments Holdings LLC bought a new stake in CorMedix in the 2nd quarter worth approximately $165,000. USA Financial Formulas bought a new stake in shares of CorMedix in the 2nd quarter worth approximately $55,000. Finally, Palisades Investment Partners LLC lifted its stake in CorMedix by 56.7% in the second quarter. Palisades Investment Partners LLC now owns 562,527 shares of the company’s stock worth $6,930,000 after purchasing an additional 203,557 shares during the last quarter. Institutional investors own 34.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. D. Boral Capital upgraded CorMedix from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Monday, October 20th. Zacks Research cut CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. HC Wainwright dropped their price objective on CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, October 8th. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, CorMedix presently has an average rating of “Buy” and a consensus price target of $18.83.

CorMedix Stock Performance

Shares of CRMD stock opened at $11.42 on Wednesday. CorMedix Inc has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The firm has a market cap of $894.64 million, a P/E ratio of 15.23 and a beta of 1.85. The business’s 50 day moving average price is $11.84 and its 200-day moving average price is $11.98.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. The company had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The firm’s revenue for the quarter was up 4830.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.25) earnings per share. As a group, equities analysts predict that CorMedix Inc will post -0.32 EPS for the current year.

Insider Activity

In other CorMedix news, Director Alan W. Dunton sold 10,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the sale, the director directly owned 40,250 shares in the company, valued at $528,482.50. This trade represents a 19.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph Todisco sold 50,000 shares of CorMedix stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.00, for a total value of $650,000.00. Following the sale, the chief executive officer directly owned 509,496 shares in the company, valued at approximately $6,623,448. The trade was a 8.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 163,997 shares of company stock worth $2,163,617. 5.30% of the stock is owned by company insiders.

CorMedix Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.