Palumbo Wealth Management LLC Buys Shares of 12,366 CorMedix Inc. (NASDAQ:CRMD)

Palumbo Wealth Management LLC acquired a new position in shares of CorMedix Inc. (NASDAQ:CRMD) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,366 shares of the company’s stock, valued at approximately $100,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in CorMedix by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock worth $12,416,000 after acquiring an additional 102,851 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in CorMedix by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after acquiring an additional 2,562 shares in the last quarter. Tidal Investments LLC bought a new stake in CorMedix during the first quarter worth about $60,000. Bank of New York Mellon Corp raised its holdings in CorMedix by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in CorMedix during the second quarter worth about $44,000. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Stock Performance

Shares of NASDAQ CRMD remained flat at $10.05 during mid-day trading on Thursday. The company had a trading volume of 516,002 shares, compared to its average volume of 692,890. CorMedix Inc. has a 12 month low of $2.57 and a 12 month high of $13.85. The firm has a market capitalization of $580.50 million, a P/E ratio of -10.81 and a beta of 1.61. The firm’s fifty day simple moving average is $8.36 and its 200 day simple moving average is $6.08.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $11.46 million for the quarter, compared to analyst estimates of $11.00 million. During the same period last year, the business earned ($0.17) EPS. On average, equities analysts anticipate that CorMedix Inc. will post -0.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRMD shares. Needham & Company LLC upped their target price on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. Royal Bank of Canada restated an “outperform” rating and issued a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Truist Financial upped their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Rodman & Renshaw started coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.20.

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.