Allspring Global Investments Holdings LLC Makes New Investment in CorMedix Inc $CRMD

Allspring Global Investments Holdings LLC bought a new stake in shares of CorMedix Inc (NASDAQ:CRMD) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 13,967 shares of the company’s stock, valued at approximately $165,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. USA Financial Formulas bought a new stake in shares of CorMedix in the 2nd quarter valued at about $55,000. SBI Securities Co. Ltd. increased its stake in shares of CorMedix by 699.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company’s stock valued at $54,000 after acquiring an additional 7,599 shares during the last quarter. ARS Wealth Advisors Group LLC bought a new stake in shares of CorMedix in the 2nd quarter valued at about $123,000. Kapitalo Investimentos Ltda bought a new stake in shares of CorMedix in the 2nd quarter valued at about $123,000. Finally, Essex Financial Services Inc. bought a new stake in shares of CorMedix in the 1st quarter valued at about $63,000. Institutional investors own 34.18% of the company’s stock.

Insider Transactions at CorMedix

In related news, insider Kaufman Beth Zelnick sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $13.41, for a total value of $670,500.00. Following the completion of the transaction, the insider owned 180,418 shares of the company’s stock, valued at $2,419,405.38. The trade was a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alan W. Dunton sold 10,000 shares of CorMedix stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $13.13, for a total value of $131,300.00. Following the completion of the transaction, the director owned 40,250 shares in the company, valued at approximately $528,482.50. This represents a 19.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 163,997 shares of company stock worth $2,163,617 over the last ninety days. Corporate insiders own 5.30% of the company’s stock.

CorMedix Price Performance

Shares of CorMedix stock opened at $11.17 on Monday. The business has a fifty day simple moving average of $12.15 and a two-hundred day simple moving average of $11.75. CorMedix Inc has a 1 year low of $5.60 and a 1 year high of $17.43. The company has a market capitalization of $871.92 million, a price-to-earnings ratio of 14.89 and a beta of 1.85.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.08. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The company had revenue of $39.74 million during the quarter, compared to the consensus estimate of $29.88 million. During the same quarter last year, the firm earned ($0.25) earnings per share. The company’s revenue was up 4830.1% on a year-over-year basis. As a group, equities analysts anticipate that CorMedix Inc will post -0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRMD has been the subject of a number of research reports. HC Wainwright lowered their target price on CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, August 8th. D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Zacks Research lowered shares of CorMedix from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Wall Street Zen lowered shares of CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $22.00 price objective (up previously from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $18.83.

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.