Principal Financial Group Inc. Invests $1.01 Million in CorMedix Inc $CRMD

Principal Financial Group Inc. bought a new stake in shares of CorMedix Inc (NASDAQ:CRMD) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 86,437 shares of the company’s stock, valued at approximately $1,005,000. Principal Financial Group Inc. owned about 0.11% of CorMedix at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Marshall Wace LLP increased its holdings in shares of CorMedix by 1,019.2% during the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company’s stock worth $31,785,000 after purchasing an additional 2,349,451 shares during the period. Geode Capital Management LLC boosted its position in shares of CorMedix by 11.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company’s stock valued at $19,669,000 after acquiring an additional 163,403 shares in the last quarter. Palisades Investment Partners LLC boosted its holdings in CorMedix by 0.3% during the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company’s stock valued at $6,561,000 after purchasing an additional 1,579 shares in the last quarter. Kennedy Capital Management LLC grew its position in CorMedix by 18.8% in the second quarter. Kennedy Capital Management LLC now owns 480,178 shares of the company’s stock valued at $5,916,000 after acquiring an additional 75,947 shares during the period. Finally, October Effect Ltd grew its holdings in shares of CorMedix by 36.2% in the 3rd quarter. October Effect Ltd now owns 420,551 shares of the company’s stock worth $4,891,000 after purchasing an additional 111,794 shares during the last quarter. 34.18% of the stock is owned by institutional investors.

CorMedix Stock Down 0.6%

Shares of CRMD stock opened at $7.17 on Thursday. The firm has a fifty day moving average of $9.22 and a 200-day moving average of $10.75. The company has a quick ratio of 1.73, a current ratio of 1.94 and a debt-to-equity ratio of 0.39. CorMedix Inc has a 12-month low of $5.60 and a 12-month high of $17.43. The company has a market capitalization of $564.92 million, a price-to-earnings ratio of 3.48 and a beta of 1.39.

CorMedix declared that its Board of Directors has authorized a stock buyback plan on Monday, February 2nd that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. HC Wainwright decreased their price target on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. D. Boral Capital reiterated a “buy” rating and issued a $14.00 price objective on shares of CorMedix in a research report on Wednesday, February 11th. Weiss Ratings reissued a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, January 21st. Royal Bank Of Canada set a $13.00 price target on shares of CorMedix and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Finally, Truist Financial set a $16.00 target price on CorMedix in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.86.

Insiders Place Their Bets

In other news, Director Alan W. Dunton sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $13.00, for a total value of $260,000.00. Following the completion of the sale, the director directly owned 40,250 shares of the company’s stock, valued at $523,250. This trade represents a 33.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven W. Lefkowitz sold 40,000 shares of CorMedix stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $11.88, for a total value of $475,200.00. Following the transaction, the director owned 80,498 shares of the company’s stock, valued at $956,316.24. This represents a 33.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,000 shares of company stock valued at $1,095,200 in the last 90 days. 3.10% of the stock is currently owned by insiders.

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.