Pacer Advisors Inc. Invests $2.95 Million in CorMedix Inc $CRMD

Pacer Advisors Inc. bought a new position in CorMedix Inc (NASDAQ:CRMD) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 253,896 shares of the company’s stock, valued at approximately $2,953,000. Pacer Advisors Inc. owned approximately 0.32% of CorMedix at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Deerfield Management Company L.P. bought a new stake in CorMedix in the 3rd quarter worth approximately $38,656,000. Marshall Wace LLP boosted its position in shares of CorMedix by 34.6% during the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock valued at $40,397,000 after acquiring an additional 893,518 shares during the last quarter. UBS Group AG grew its holdings in shares of CorMedix by 295.3% in the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after purchasing an additional 814,964 shares in the last quarter. Jump Financial LLC purchased a new position in shares of CorMedix in the third quarter valued at $9,003,000. Finally, Goldman Sachs Group Inc. increased its position in CorMedix by 259.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company’s stock worth $9,639,000 after purchasing an additional 597,971 shares during the last quarter. 34.18% of the stock is owned by institutional investors.

CorMedix Price Performance

CorMedix stock opened at $8.60 on Wednesday. The firm has a 50-day moving average price of $8.02 and a 200-day moving average price of $8.24. The firm has a market capitalization of $674.67 million, a PE ratio of 4.04 and a beta of 1.46. The company has a current ratio of 2.97, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. CorMedix Inc has a 12-month low of $6.13 and a 12-month high of $16.89.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.35 by $0.08. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. The company had revenue of $127.43 million for the quarter, compared to the consensus estimate of $104.96 million. During the same period in the prior year, the firm posted $0.30 EPS. The firm’s revenue was up 226.1% compared to the same quarter last year. As a group, equities research analysts forecast that CorMedix Inc will post 0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CRMD shares. Needham & Company LLC increased their price objective on shares of CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Leerink Partners increased their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $14.00 price target (up from $13.00) on shares of CorMedix in a research report on Tuesday, April 28th. Zacks Research raised CorMedix from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Weiss Ratings upgraded CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, CorMedix currently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

CorMedix 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.