Assenagon Asset Management S.A. Boosts Holdings in CorMedix Inc $CRMD

Assenagon Asset Management S.A. raised its position in CorMedix Inc (NASDAQ:CRMD) by 35.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 302,508 shares of the company’s stock after acquiring an additional 78,447 shares during the quarter. Assenagon Asset Management S.A.’s holdings in CorMedix were worth $3,518,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC increased its position in shares of CorMedix by 6.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock worth $310,000 after purchasing an additional 1,707 shares in the last quarter. Gryphon Financial Partners LLC acquired a new stake in shares of CorMedix in the 4th quarter worth $300,000. JPMorgan Chase & Co. grew its stake in CorMedix by 176.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 97,228 shares of the company’s stock worth $1,131,000 after buying an additional 62,085 shares during the last quarter. Allworth Financial LP grew its stake in CorMedix by 694.9% during the 3rd quarter. Allworth Financial LP now owns 60,939 shares of the company’s stock worth $709,000 after buying an additional 53,273 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in CorMedix during the 3rd quarter valued at about $576,000. 34.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRMD. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. Truist Financial set a $16.00 price objective on shares of CorMedix in a report on Thursday, January 8th. Leerink Partners reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of CorMedix in a research report on Friday, March 6th. Zacks Research cut shares of CorMedix from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 10th. Finally, Needham & Company LLC dropped their target price on shares of CorMedix from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, CorMedix currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

CorMedix Stock Performance

CorMedix stock opened at $6.71 on Monday. The stock has a 50-day moving average price of $7.09 and a 200 day moving average price of $9.55. The company has a market capitalization of $530.43 million, a price-to-earnings ratio of 3.36 and a beta of 1.31. CorMedix Inc has a 52 week low of $5.60 and a 52 week high of $17.43. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36.

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). CorMedix had a return on equity of 52.30% and a net margin of 52.31%.The business had revenue of $128.62 million during the quarter, compared to analyst estimates of $127.02 million. During the same quarter last year, the company posted $0.22 EPS. CorMedix’s quarterly revenue was up 312.1% compared to the same quarter last year. Sell-side analysts anticipate that CorMedix Inc will post -0.32 EPS for the current year.

CorMedix announced that its board has approved a stock 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at CorMedix

In other news, Director Alan W. Dunton sold 20,000 shares of the stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $13.00, for a total value of $260,000.00. Following the sale, the director owned 40,250 shares in the company, valued at $523,250. This represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by insiders.

About CorMedix

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.