Franklin Resources Inc. Makes New $177,000 Investment in CorMedix Inc. (NASDAQ:CRMD)

Franklin Resources Inc. bought a new stake in CorMedix Inc. (NASDAQ:CRMD) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 21,835 shares of the company’s stock, valued at approximately $177,000.

Several other large investors have also modified their holdings of CRMD. Alliancebernstein L.P. lifted its holdings in CorMedix by 53.0% during the 4th quarter. Alliancebernstein L.P. now owns 49,780 shares of the company’s stock worth $403,000 after buying an additional 17,250 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in CorMedix by 40.8% during the fourth quarter. JPMorgan Chase & Co. now owns 273,218 shares of the company’s stock worth $2,213,000 after purchasing an additional 79,110 shares during the last quarter. Vanguard Group Inc. boosted its holdings in CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after purchasing an additional 309,514 shares during the period. Fox Run Management L.L.C. bought a new stake in CorMedix during the fourth quarter valued at $114,000. Finally, Virtu Financial LLC acquired a new stake in shares of CorMedix during the fourth quarter worth $149,000. Institutional investors own 34.18% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CRMD. Royal Bank of Canada reiterated an “outperform” rating and set a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. StockNews.com raised CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st. Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of CorMedix in a research note on Wednesday, April 9th. Finally, Leerink Partners started coverage on CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 target price on the stock. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $14.50.

CorMedix Price Performance

CRMD opened at $7.67 on Friday. The stock’s 50 day moving average price is $8.92 and its 200 day moving average price is $9.81. The stock has a market cap of $499.95 million, a P/E ratio of -9.47 and a beta of 1.57. CorMedix Inc. has a 12 month low of $3.61 and a 12 month high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $27.46 million. CorMedix’s revenue for the quarter was up 29900.0% compared to the same quarter last year. Equities analysts anticipate that CorMedix Inc. will post -0.32 EPS for the current year.

About CorMedix

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.