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

Divisadero Street Capital Management LP boosted its holdings in shares of CorMedix Inc (NASDAQ:CRMD) by 305.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 288,050 shares of the company’s stock after purchasing an additional 217,050 shares during the quarter. Divisadero Street Capital Management LP owned approximately 0.37% of CorMedix worth $3,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CRMD. Comerica Bank raised its stake 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 buying an additional 2,205 shares during the period. Canada Pension Plan Investment Board acquired a new stake in CorMedix in the 2nd quarter valued at $42,000. State of Alaska Department of Revenue purchased a new stake in CorMedix in the 3rd quarter worth $54,000. Orion Capital Management LLC purchased a new stake in CorMedix in the 3rd quarter worth $70,000. Finally, Russell Investments Group Ltd. raised its position 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 acquiring an additional 1,190 shares during the period. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at CorMedix

In other CorMedix news, Director Alan W. Dunton sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total value of $260,000.00. Following the transaction, the director directly owned 40,250 shares in the company, valued at $523,250. The trade was a 33.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph Todisco sold 30,000 shares of the 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 completion of the sale, the chief executive officer directly owned 509,496 shares of the company’s stock, valued at approximately $6,113,952. This trade represents a 5.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

CRMD has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. Leerink Partners restated an “outperform” rating and set a $13.00 price target on shares of CorMedix in a research report on Friday, March 6th. Zacks Research lowered shares of CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. HC Wainwright lowered their price objective on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Finally, Truist Financial set a $16.00 price objective on CorMedix in a report on Thursday, January 8th. Six 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. According to data from MarketBeat.com, CorMedix presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

CorMedix Stock Performance

NASDAQ CRMD opened at $6.45 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.94 and a current ratio of 2.11. The stock’s fifty day moving average is $7.49 and its two-hundred day moving average is $10.06. The firm has a market capitalization of $509.87 million, a P/E ratio of 3.23 and a beta of 1.31. CorMedix Inc has a fifty-two week low of $5.60 and a fifty-two week high of $17.43.

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

CorMedix declared that its board has approved a share repurchase plan on Monday, February 2nd that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is 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.