Stocks

Fmr LLC Increases Its Investment in CorMedix Inc. (NASDAQ:CRMD)

Published December 26, 2024

Fmr LLC has significantly increased its holdings in CorMedix Inc. (NASDAQ:CRMD) by 54.3% during the third quarter of the year, according to reports from HoldingsChannel. After acquiring an additional 1,625 shares during this period, Fmr LLC now owns 4,618 shares in the biopharmaceutical company. At the end of the quarter, these holdings were valued at approximately $37,000.

Other institutional investors have also been active in buying and selling shares of CorMedix. For instance, Bank of New York Mellon Corp increased its ownership in CorMedix by 19.3% in the second quarter, bringing its total shares to 158,901, valued at around $688,000 after purchasing 25,677 additional shares. Similarly, Principal Financial Group Inc. entered the market with a new stake valued at $44,000 during the same quarter. Commonwealth Equity Services LLC boosted its shares by 150.7% in the second quarter, owning 94,752 shares worth approximately $410,000 after acquiring 56,963 shares. Rhumbline Advisers also raised its stakes by 18.0%, now owning 74,239 shares valued at $321,000. Additionally, Marshall Wace LLP expanded its position by 109.6%, acquiring a total of 152,275 shares valued at $659,000. In total, institutional investors collectively own about 34.18% of CorMedix's stock.

Recent Analyst Recommendations

Several analysts have recently analyzed CorMedix and published their ratings. Needham & Company LLC raised their price target for CorMedix shares from $10.00 to $18.00, labeling the stock as a “buy” in a report issued on October 31st. Truist Financial also increased its price target for CorMedix from $12.00 to $17.00, maintaining a “buy” rating. However, StockNews.com assigned CorMedix a “sell” rating in a note dated November 8th. Meanwhile, Royal Bank of Canada adjusted their price target from $11.00 to $12.00, giving the stock an “outperform” rating as of December 19th. Currently, one analyst has provided a sell rating, while five analysts have rated the stock as a buy. According to MarketBeat.com, CorMedix has an average rating of “Moderate Buy” and a consensus price target of $15.80.

Insider Transactions at CorMedix

In related news, Elizabeth Hurlburt, the Executive Vice President of CorMedix, sold 140,027 shares of the company on November 14th. The shares were sold at an average price of $11.18, totaling approximately $1,565,501.86. After this transaction, Hurlburt now directly holds 45,397 shares valued at around $507,538.46, reflecting a significant decrease in her stake by 75.52%. This insider trade was reported to the Securities and Exchange Commission and is accessible through their official site. Currently, corporate insiders own about 5.20% of CorMedix's stock.

Current Market Performance of CorMedix

On Thursday, CorMedix shares opened at $8.33. The company has a market capitalization of $505.44 million, a price-to-earnings (P/E) ratio of -10.28, and a beta of 1.54. The 50-day moving average price stands at $10.28, while the 200-day moving average price is $7.33. Over the past year, CorMedix has experienced a low of $2.89 and a high of $13.85.

CorMedix last reported its quarterly earnings on October 30th, posting earnings of ($0.05) per share, surpassing expectations of ($0.10) by $0.05. The company's revenue for the quarter was reported at $11.46 million, exceeding analysts' estimates of $11.00 million. In the same period a year prior, CorMedix recorded earnings of ($0.17) per share. Analysts predict that CorMedix Inc. will report an EPS of -0.46 for the current year.

Overview of CorMedix Inc.

CorMedix Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutic products aimed at preventing and treating infectious and inflammatory diseases in the United States. Its primary product candidate is DefenCath, which is an antimicrobial catheter lock solution designed to reduce the occurrence of catheter-related bloodstream infections in adult patients suffering from kidney failure.

Fmr, CorMedix, Investment