Parallax Volatility Advisers L.P. Buys New Shares in CorMedix Inc. (NASDAQ:CRMD)

Parallax Volatility Advisers L.P. purchased a new position in shares of CorMedix Inc. (NASDAQ:CRMD) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 80,143 shares of the company’s stock, valued at approximately $648,000. Parallax Volatility Advisers L.P. owned about 0.13% of CorMedix at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of CorMedix by 3.6% during the 1st 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 grew its stake in shares of CorMedix by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after acquiring an additional 2,562 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of CorMedix during the first quarter valued at about $60,000. Bank of New York Mellon Corp grew its stake in shares of CorMedix by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after acquiring an additional 25,677 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in CorMedix in the second quarter worth about $44,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CRMD shares. StockNews.com upgraded CorMedix to a “sell” rating in a research note on Friday, November 8th. Rodman & Renshaw began coverage on CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price objective for the company. Needham & Company LLC boosted their price objective on CorMedix from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Truist Financial boosted their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $9.00 target price on shares of CorMedix in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, CorMedix presently has a consensus rating of “Moderate Buy” and an average target price of $15.20.

Insider Activity

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the sale, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. This trade represents a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.20% of the stock is owned by insiders.

CorMedix Stock Performance

Shares of CRMD opened at $9.50 on Friday. The company has a 50-day simple moving average of $10.40 and a 200-day simple moving average of $7.01. The firm has a market capitalization of $576.43 million, a P/E ratio of -11.73 and a beta of 1.54. CorMedix Inc. has a 52 week low of $2.89 and a 52 week high of $13.85.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to analyst estimates of $11.00 million. During the same period last year, the company earned ($0.17) EPS. As a group, equities analysts forecast that CorMedix Inc. will post -0.46 earnings per share 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.