Palumbo Wealth Management LLC Takes $100,000 Position in CorMedix Inc. (NASDAQ:CRMD)

Palumbo Wealth Management LLC purchased a new stake in shares of CorMedix Inc. (NASDAQ:CRMD) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 12,366 shares of the company’s stock, valued at approximately $100,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after purchasing an additional 2,562 shares during the period. The Manufacturers Life Insurance Company raised its holdings in CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after acquiring an additional 2,700 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in CorMedix by 10.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after acquiring an additional 4,935 shares during the period. Principal Financial Group Inc. bought a new stake in CorMedix during the 2nd quarter valued at $44,000. Finally, Rhumbline Advisers raised its holdings in CorMedix by 18.0% during the 2nd quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after acquiring an additional 11,339 shares during the period. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Stock Performance

Shares of NASDAQ CRMD remained flat at $10.05 during trading on Thursday. The stock had a trading volume of 516,002 shares, compared to its average volume of 692,890. CorMedix Inc. has a 52-week low of $2.57 and a 52-week high of $13.85. The stock has a market cap of $580.50 million, a PE ratio of -10.81 and a beta of 1.61. The business’s 50-day moving average is $8.36 and its 200-day moving average is $6.08.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same period in the previous year, the company earned ($0.17) earnings per share. Research analysts forecast that CorMedix Inc. will post -0.58 EPS for the current year.

Analyst Upgrades and Downgrades

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